If you look at the stock price, you can see that the equity never lost its value through the bankrupcty process (similar to GGP in recent years).
"In its filing with the bankruptcy court, Alexander's listed assets of $183.7 million and liabilities of $95.7 million. Bankruptcy experts say the value of Alexander's real estate insures that its banks, suppliers and even its shareholders are likely to recoup their losses in the long run."
GGP had $29.2B tangible assets and $27.3B liabilities when they entered bankruptcy.
Compare Sears with $16.0B tangible assets and $16.5B liabilities.