Sunday, 31 August 2014
Last updated 1 day ago
Mar 18 2013 | 2:36pm ET
Pershing Square Capital Management's William Ackman wants more information about nutritional supplements company Herbalife, which he accuses of being a pyramid scheme. But two of his investors want more information about one of Pershing Square's other major investments.
Two state pension funds plan to meet with Ackman to learn more about Pershing Square's investment in JC Penney, which has cost the hedge fund $500 million on paper, Reuters reports. Penney's stock is down 21% this year; Ackman sits on the retailer's board.
The two pensions did not want to be identified because they had yet to set up their meetings with Ackman.
Despite the loss on Penney, Pershing Square, which manages $12 billion, is up 3.6%, thanks in part to its $1 billion bet against Herbalife. And as with Herbalife, where Ackman is doing battle with longtime nemesis Carl Icahn, other hedge funds appear to be lining up against Pershing Square, with York Capital Management now shorting Penney's debt.
Penney has been struggling since the appointment of Ackman's preferred candidate as CEO, former Apple Inc. executive Ron Johnson. But Johnson's turnaround plan has failed to bear fruit, and he was forced to backtrack on his biggest initiative, an end to sales.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...