In response to Icahn telling Bloomberg he neither likes nor respects the Pershing Square founder, Bill Ackman got a couple important points of his chest last night, the first being that the feeling’s mutual, the second just a little bit of Wall Street trivia: you can tell Carl Icahn is lying if his lips are moving.

“On March 1, 2003, on behalf of my former fund, Gotham Partners, I entered into a contract with Carl Icahn , signed by him, to sell him a 15% stake in Hallwood Realty Partners. He paid my investors $80 per share and agreed to what he called “schmuck insurance.” The agreement provided that he would pay my investors an earnout equal to 50% of his profit on Hallwood after he received a 10% annual return if he “sold or otherwise transferred” his shares for value within three years. Fewer than 13 months later on April 14, 2004, HRPT Property Trust acquired Hallwood. As a result, Carl and the other Hallwood shareholders received $136.16 per share in cash for their shares.

Under the terms of our agreement, Carl owed my investors about $4.5 million. He refused to pay. I was forced to sue him on behalf of my investors. On September 6, 2005, the court awarded us summary judgment and found the agreement to be “clear and unambiguous.” He again refused to pay and appealed. We won on appeal and Carl was forced to post a bond for what he owed us and appealed again. In general, Carl waited to the last few days to appeal in order to delay the inevitable. After eight years and Carl’s appeals of the judgment were denied, in 2011 the Court forced Carl to pay my investors the $4.5 million they were owed plus 9% interest per year from the date of the sale.

After Carl paid my investors, he called me up, congratulated me on winning, and said that he wanted to be my friend. I told him that I had no interest in being his friend.

Carl Icahn is a great investor, but, in my experience, he does not keep his word.”

Pershing Square Capital Management’s Bill Ackman Responds to Carl Icahn’s Comments on Herbalife [PR Newswire]

38 comments (hidden to protect delicate sensibilities)
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Comments (38)

  1. Posted by Forehead Slap | January 25, 2013 at 8:05 AM

    Famous corporate raider actually not a nice person.

  2. Posted by Mr. Frankenberger | January 25, 2013 at 8:18 AM

    The body doesn't fit the head on that picture. Like the polar opposite of Margaret Thatcher in a dress.

  3. Posted by Tween investor | January 25, 2013 at 8:32 AM

    #TeamAckman

  4. Posted by Im_a_Dude | January 25, 2013 at 9:31 AM

    7:30am post, WTF?

  5. Posted by guest | January 25, 2013 at 9:41 AM

    Love that a battle of billionaires has degenerated to a he said / she said about who wanted to be friends with who

  6. Posted by Guest | January 25, 2013 at 10:14 AM

    Which one is the she in this instance?

    I'm guessing Ackman

  7. Posted by Guest | January 25, 2013 at 10:16 AM

    #tears

  8. Posted by guest | January 25, 2013 at 10:16 AM

    "Carl Icahn is a great investor, but, in my experience, he does not keep his word.”

    Dear Bill,

    Frankly, we wish you were just a little bit more like him.

    – Your LPs

  9. Posted by NakedShorts | January 25, 2013 at 10:16 AM

    Fuck you, fuck you, you're cool, and fuck you. Ackman OUT

  10. Posted by ggag | January 25, 2013 at 10:16 AM

    After Carl paid my investors, he called me up, congratulated me on winning, and said that he wanted to be my friend. I told him that I had no interest in being his friend.

    boom

  11. Posted by Guest | January 25, 2013 at 10:55 AM

    Read the "tiffs" tag as "tits", very disappointed now.

  12. Posted by Carl | January 25, 2013 at 11:01 AM

    Bill,

    I fart in your general direction.

    -Carl

  13. Posted by Guest | January 25, 2013 at 11:02 AM

    They should just settle this during Black Bike Week, like real men.

  14. Posted by GentlemanTrader | January 25, 2013 at 11:02 AM

    good god bill, stop being such a pussy

    -Carl

  15. Posted by Getalife | January 25, 2013 at 11:21 AM

    Both of these idiots are right about each other

  16. Posted by Amazing HF Manager | January 25, 2013 at 11:42 AM

    Can I be your friend? Bill? Carl? Anybody?

    -Paulson

  17. Posted by Herbalife | January 25, 2013 at 11:52 AM

    Bill Ackman is a bully and a liar.

  18. Posted by Guest | January 25, 2013 at 12:56 PM

    Holy shit, is anybody listening to this on CNBC?

  19. Posted by Deleveraging | January 25, 2013 at 12:59 PM

    Yeah, Carl can't help himself. Carl looks younger in that picture than when I interviewed with him in 1985. That picture they are using per-dates CNBC

  20. Posted by PermaGuestII | January 25, 2013 at 1:20 PM

    That "whump" you hear is Carl's media relations team throwing themselves off the Empire State Building hand-in-hand.

  21. Posted by DE Pshaw | January 25, 2013 at 1:34 PM

    Of course, Icahn's move was the first and only time such an event has happened in the history of commerce. Let's not make a big deal of it.

  22. Posted by 49%ers Everywhere | January 25, 2013 at 1:35 PM

    Hey!

  23. Posted by J. Paulson | January 25, 2013 at 1:36 PM

    So wait, this money earned 9% interest a year? Anyone want to go to court?

  24. Posted by The Dude | January 25, 2013 at 1:43 PM

    Ackman is a pussy

  25. Posted by Guest | January 25, 2013 at 1:51 PM

    You'll be hearing from us Mr. Ackman.

    -AARP General Counsel

  26. Posted by David Tan | January 26, 2013 at 3:13 AM

    good thing Ackman had "schmuck" insurance! (for obvious reasons)

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