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(Reuters) — General Growth Properties Inc.’s unsecured creditors and suitor Simon Property Group Inc. on Tuesday criticized William Ackman’s role in the mall owner’s restructuring plot, alleging conflicts of interest given his position as a director and largest shareholder.Ackman has backed a reorganization plot that calls for his Pershing Square Capital Management hedge fund to offer Brookfield Asset Management certain protections in return for the Canadian firm financing General Growth’s stand-alone exit from bankruptcy.That proposal rivals a roughly $10-billion takeover offer by Simon, under which unsecured creditors, who hold about $7 billion of its debt, would get a full recovery of their claims in cash.Under the Brookfield-backed plot, the form of their recovery — cash or stock — is not certain as it depends on General Growth raising up to $5.8 billion more.The official committee of General Growth’s unsecured creditors said in a court filing that the agreement between Pershing Square and Brookfield effectively restricts General Growth from considering alternative transactions because it puts the company into “an obvious conflict of interest situation.”"The Debtors must choose between the best interests of the estates and the economic interests of one of their most active and vocal directors,” it added, referring to Ackman.Simon, a General Growth creditor, also questioned the arrangement between Brookfield and Ackman’s Pershing Square in a separate filing Tuesday.Under General Growth’s plot, Brookfield would receive seven-year warrants to buy 60 million shares at an exercise price of $15 per share. Until the warrants are approved by the bankruptcy court, Pershing Square will provide interim protection.