Tuesday, 16 September 2014
Last updated 7 hours ago
Mar 5 2010 | 3:09pm ET
Pershing Square Capital Management chief William Ackman is hearing some pretty harsh words over his role in the reorganization of mall owner General Growth Properties. But he’s got more than a billion reasons to take the heat.
Both Simon Property Group, currently the low bidder for General Growth, and General Growth’s unsecured creditors blasted Pershing Square’s “obvious conflict of interest.” The New York-based hedge fund controls one-quarter of General Growth’s shares, and supports a reorganization plan backed by Brookfield Asset Management that would split General Growth in two.
The creditors committee accuses Ackman of blocking General Growth from considering other deals, including Simon’s $10 billion cash offer or a potential bid from Vornado Realty Trust.
“The debtors must choose between the best interests of the estates and the economic interests of one of their most active and vocal directors,” the creditors complained in a court filing.
For his part, Ackman is taking that criticism all the way to the bank: The bidding war has already earned the hedge fund a $1.5 billion paper profit.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?