Von Neumann alternating projection theorem

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If EE and FF are projections with ranges M\mathbf{M} and N\mathbf{N}, find the projection E∧FE \wedge F with range M∩N\mathbf{M} \cap \mathbf{N}.

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Remark.
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The problem is to find an "expression" for the projection described. Although most mathematicians would read the statement of such a problem with sympathetic understanding, it must be admitted that rigorously speaking it does not really mean anything. The most obvious way to make it precise is to describe certain classes of operators by the requirement that they be closed under some familiar algebraic and topological operations, and then try to prove that whenever EE and FF belong to such a class, then so does E∧FE \wedge F. The most famous and useful classes pertinent here are the von Neumann algebras (called "rings of operators" by von Neumann). A von Neumann algebra is an algebra of operators (i.e., a collection closed under addition and multiplication, and closed under multiplication by arbitrary scalars), self-adjoint (i.e., closed under adjunction), containing 11, and strongly closed (i.e., closed with respect to the strong operator topology). For von Neumann algebras, then, the problem is this: prove that if a von Neumann algebra contains two projections EE and FF, then it contains E∧FE \wedge F.

Reference: [150, vol.2, p.55].

Let H1H_1 and H2H_2 be subspaces of HH, and P1P_1 and P2P_2 the corresponding orthogonal projections. Prove that lim⁡n→∞(P1P2)n\lim_{n\to \infty }(P_1P_2)^n exists and is equal to the orthogonal projection onto H1∩H2H_1\cap H_2.

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References

[Hal82] Halmos P.R. A Hilbert Space Problem Book. 2nd ed., Springer-Verlag, 1982.
[KiGv88] Kirillov A.A., Gvishiani A.D. Теоремы и задачи функционального анализа. 2-е изд., Наука, 1988.