It’s the first vote of confidence in General Growth in several months, but by itself won’t dig it out from about $900 million in debt that comes due by December on Fashion Show Mall and Shoppes at Palazzo on the Strip.

General Growth Shares have lost more than 98 percent of their value this year and were hovering beneath $1 each until the Pershing announcement boosted them to as high as $2.

Pershing acquired 7.5 percent of General Growth shares for $9.3 million and an interest in another 12.4 percent through, “total-return swaps,” according to Bloomberg.com.

In addition to Fashion Show and Shoppes at Palazzo, General Growth owns Shoppes at Venetian, Boulevard and Meadows malls and Summerlin Centre.

Brooklyn-based investor Reggie Middleton was one of the first to raise red flags about General Growth’s debt problems, which can be traced back to an $11.3 billion purchase of Rouse Co., in 2004.

Middleton said Pershing might have gotten a steal if General Growth management can somehow right the ship and refinance the debt due Friday plus another $3 billion next year.

But Middleton also said if he had the money he would cherry-pick individual malls from the company’s portfolio of about 200 properties in 44 states.

Middleton cited South Street Seaport in New York and the Las Vegas properties as potential winners.

“There are quite a few gems, marquee properties,” Middleton said.