Mills' troubles began in November 2005, with revelations of large losses on failed projects, a cash crunch and a U.S. Securities and Exchange Commission investigation into its accounting. The SEC inquiry was upgraded to a formal investigation in March 2006. The reclassification as a formal investigation allows for the use of additional techniques such as subpoenas. On April 6, 2007 Simon Property Group, Inc. announced the joint acquisition of Mills Corporation along with Farallon Capital Management for $25.25 per share of common stock.