Tuesday, 31 March 2015
Last updated 23 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…