Monday, 30 March 2015
Last updated 6 hours ago
Aug 16 2013 | 10:59am ET
Pershing Square Capital Management could quit J.C. Penney Co. after striking a deal with the retailer on its 18% stake.
Penney's has agreed to allow the hedge fund to make up to four requests for the registration of its restricted shares. Such registration is necessary for the sale of such stock.
Pershing Square was restricted from selling shares while founder William Ackman served on the company's board and in the aftermath of his resignation earlier this week, amidst a dispute with his fellow board members. It is unclear that Ackman actually wants to exit the investment—if he did so now, it would be at a loss of more than $300 million. But he now has the option.
Ackman left the Penney's board after infuriating his fellow directors with a public call for the exits of interim CEO Myron Ullman and Chairman Thomas Engibous. Ullman returned to Penney's in April after the company ousted Ackman's hand-picked CEO, former Apple Inc. marketing executive Ron Johnson, who oversaw huge losses at the retailer. Ackman's push for a quick replacement of Ullman came after the board had agreed to a six-month search process.
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…