Wednesday, 25 November 2015
Last updated 1 hour ago
Sep 4 2013 | 12:24pm ET
Another hedge fund has taken advantage of Pershing Square Capital Management's exit from J.C. Penney Co., becoming one of the struggling retailer's largest shareholders.
Glenview has bought nearly 12 million more Penney's shares, it said in a regulatory filing, bringing its stake up to 9.1%. The hedge fund's hoard of 20.1 million shares is in line with the 20 million owned by Soros Fund Management and 19 million owned by Perry Capital. Hayman Capital Management also announced a large stake in Penney's, of 5.2%.
Pershing Square sold its entire 18% stake in Penney's late last month, after founder William Ackman resigned from the retailer's board amidst a dispute with his fellow directors. Pershing Square lost some $500 million on the deal.
Unlike Perry, Glenview is unlikely to take up Ackman's cause—the quick removal of both Penney's interim CEO and chairman. The hedge fund has said it supports CEO Myron Ullman.
In any event, none of Penney's large number of remaining hedge fund holders will be able to match Ackman's firepower: The company recently adopted a poison pill to prevent any shareholder from taking more than a 10% stake.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…