A question that many have asked themselves and others since Bill Ackman announced he was shorting shake and supplement company Herbalife is, “Okay, but for how long? When does it end?” The Pershing Square founder and his team could very well be right in classifying the organization as a pyramid scheme, but central to their argument is that the government is going to shut this thing down, and that might not happen. Will Pershing keep its position forever? Long after Bill retires and for many years after that? Will CEO Michael Johnson ever be free from this man who haunts his dreams or will Ackman always be there, watching, waiting? In an interview yesterday, the most passionate hedge fund manager to ever live said basically yes to the latter. Read more »
As you’ve probably heard by now, Bill Ackman gave a little presentation yesterday, on his favorite supplement and diet shakes company, Herbalife. Prior to the event, the Pershing Square founder appeared on CNBC hyping up the thing so hard that he came extremely close to promising video of CEO Michael Johnson threatening to fire employees who refused to snort lethal dosages of Formula 1 Healthy Nutritional Shake Mix (Wild Berry flavor) up their noses. So when the presentation failed to deliver, the disappointment across Wall Street was palpable. Pershing Square investors, however, know a good thing when they see it, and are unfazed. Read more »
Yesterday afternoon, hedge fund manager Bill Ackman made a bold statement. A presentation delivered live in midtown Tuesday morning was to be “the most important” one of his career and at the end of it, we would “learn why Herbalife is going to collapse.” On CNBC, he acknowledged that he was “raising expectations,” but assured the public it would not be disappointed. How’d he do? That all depends on what you were hoping for. If it was a PowerPoint that convinced the market that Herbalife, Ackman’s sworn enemy, was going down for the dirt nap, then technically, the hedge fund manager probably disappointed you a little.
Herbalife Ltd.’s shares jumped as much as 14 percent after hedge-fund manager Bill Ackman struggled to convince investors that the seller of weight-loss shakes is guilty of fraud.
On the other hand, if you were hoping for a presentation filled with passion, courage, feeling, and above all, patriotism, your expectations were met and then some. Read more »
By day, Jeff Klaips manages a construction clean-up company in a Chicago suburb, but he’s also looking to make a pretty penny from the sale of BillAckman.com and WilliamAckman.com. He’s been trying to pique the interest of the Pershing Square Capital Management founder-or someone who’d like to use his name. Klaips already made a profit from EddieLampert.com, the name of the ESL founder. Inspired by seeing Lampert on CNBC, Klaips says he purchased the domain name on an impulse in 2004…On New Year’s Eve this past year, he received an email from an IT person who works for ESL and was looking to purchase the EddieLampert.com site. Klaips had initially asked $9,000 for the domain, but the hedge fund representative talked him down to $4,200…Ackman has not been willing to deal. [Absolute Return]
And that form is a lawsuit which he has to pay lawyers to file. Phone calls, e-mails, letters, telegrams, CNBC appearances, PowerPoint presentations and carrier pigeons with the query, “Will my plan to solicit proxies to oust a majority of your stupid, intransigent board cause me troubles vis-à-vis poison pills?” were allegedly and will be in the future ignored, returned unread or turned over to Allergan’s vaunted R&D operations. Read more »
Allergan, which Bill Ackman would very much like to see become a subsidiary of Valeant Pharmaceutricals, is based in Irvine, Calif. Ed Royce is a congressman who represents a swath of Orange County to Irvine’s north, and who presumably counts a few Allergan employees as constituents, and who will be spending some of Allergan’s money in an effort to be reelected in November.
This same Ed Royce does not think much of Bill Ackman’s plan to take it to the people and ask Allergan shareholders whether they’d like to take the now $49.9 billion Valeant would like to give them for their company, and he’s not afraid to tell Mary Jo White all about it. Read more »