Pershing Square

Bill Ackman’s Magical Year Continues

By no means has everything gone right for the Pershing Square Capital Management chief in 2014. His whole Herbalife-destroying performance actually lost him money, for one. But it’s pretty much the only thing that has lost him money this year. Sure, Allergan told him to piss off. But then the courts told Allergan to piss off itself and told Bill they’d be happy to hear what he had to say when he wanted to say it. Oh yea and he’s still way up on that whole mess, anyway. And just when he got to suing the government for refusing to do what he wants with Fannie Mae and Freddie Mac (and then suing them again), Burger King decided to buy a Canadian icon for tax purposes, making him a whole bunch more money. So, yea, Bill’s feeling pretty good right now. Read more »

Wait! Bill Ackman Has Something Else To Say!

Between suing the government for taking all of the profits from two companies that it began taking all of the profits from more than a year before he bought 10% of each of them, and Friday morning, the Pershing Square Capital Management chief had another brilliant idea, and decided to sue the government again. Read more »

The last two years were just a warm-up. Read more »

Bill Ackman Doesn’t Need Your Pity

Not even a historic PR disaster leading to a 25% surge in the shares of its $1 billion short can keep Pershing Square down this year. Read more »

  • 05 Aug 2014 at 12:00 PM

Andrew Ross Sorkin Smells Something Fishy

Late last week, Botox-maker Allergan Inc sued Valeant Pharmaceuticals and Pershing Square, alleging the latter two had engaged in insider trading when Pershing bought $1 billion worth of Allergan shares ahead of a takeover offer by the hedge fund and Valeant. On the suggestion of wrongdoing, Valeant called with charges “baseless,” while Ackman stated in a press release that “This is a shameless attempt by Allergan to delay the shareholders’ fundamental right to call a special meeting and vote their shares. Allergan is threatened by our progress toward calling the special meeting. This scorched-earth approach is further evidence of the board’s and management’s further entrenchment.”

Not entirely convinced? Dealbook‘s Andrew Ross Sorkin, who in his column today says WAIT JUST A SECOND, PEOPLE. Read more »

The short response: go fuck yourself. The slightly longer one: Read more »

  • 31 Jul 2014 at 12:02 PM

Bill Ackman Is Sorry You Got Your Hopes Up

Remember, last week, when Bill Ackman gave a presentation about Herbalife, the company he is shorting? And the day prior, went on CNBC to announce the event, telling viewers they would learn “why Herbalife is going to collapse”? And described the presentation as “the most important” one of his career? And back at Pershing Square, told his advisors “fuck the webcast, I want to look into people’s eyes,” upgrading the talk to a live show at the AXA building in midtown? And made the case that, despite having spent hundreds of hours publicly excoriating Herbalife already, this was the event that people needed to see? And noted that he was “raising expectations” but “would not disappoint”? He realizes now it’s possible he should’ve dialed down the enthusiasm just a bit. Read more »