Tuesday, 31 March 2015
Last updated 13 hours ago
Mar 11 2013 | 10:52am ET
Pershing Square Capital Management's William Ackman has a new peer-adversary.
Already sparring with longtime nemesis Carl Icahn over nutritional supplements company Herbalife—which Ackman calls a "pyramid scheme" and Icahn an opportunity—Ackman now finds himself opposing York Capital Management's James Dinan on retailer JC Penney Corp.
In an inversion of the Herbalife situation, Ackman is extremely bullish on Penney, while Dinan said last week that York is shorting the company's debt. He also gently criticized Ackman and other activists, noting that activism "works great when the tide is rising." But he said that Ackman faces trouble, given Vornado Realty Trust's recent sale of half of its Penney stake, Reuters reports.
Ackman has been investing in Penney since 2010. The retailer's stock price has been falling, and its CEO, former Apple Inc. executive Ron Johnson, was recently forced to abandon his signature program at Penney, an end to sales.
Pershing Square is currently nursing a loss on its Penney holdings.
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…