Bill Ackman — the eminently successful hedge fund manager, activist investor and real estate dealer — has written a letter detailing his Pershing Square funds’ third-quarter dealings, and the silver-haired money manager is extremely pleased with his holdings in Corrections Corporation of America, America’s largest private jailer. Ackman writes:
Corrections Corp Read More
Our story begins years ago in a Newark housing project, the now-demolished former residence of Newark mayor Cory Booker, and an unlikely place to spot hot shot hedge fund money manager Bill Ackman. Nevertheless, a meeting between the two took place, Bloomberg reports, amid “drug dealers and rats.” And now big-time money is Read More
Yesterday, the senior lenders of Stuyvesant Town and Peter Cooper Village, the massive East Side rental complex, reached a deal with Bill Ackman and his investors to buy his mezzanine debt, thereby avoiding a whole tangle of legal and tax issues for whatever the debt holders now have planned for the complex–likely some sort Read More
The Stuy Town mystery continues!
CW Capital just released a statement saying it had reached a settlement with Pershing Square and Winthrop Realty to buy the firms’ mezzanine debt from the massive housing complex. While the rogue investors, led by Pershing’s Bill Ackman, were unable to foreclose on the property themselves and seize control, Read More
A fun bit of speculation from Reuters Breaking Views posits a motive behind Bill Ackman’s big bet on Fortune Brands, the maker of bourbon, golf balls and bathroom fixtures: Time to separate those disparate businesses, and maybe sell them off to other firms for a healthy profit.
Pointing out that whiskey, golf equipment Read More
So Bill Ackman’s not gonna wind up with Stuyvesant Town, even if he’ll still probably make his money back. That won’t stop him. Whatever Wily Bill wants, Wily Bill gets. If it happens to be a development site somewhere on the southeastern side of Manhattan, then so be it, Bill will Read More
Last week, the Observer was prepared to count Bill Ackman out at Stuyvesant Town. The brash investor had lost an appeals court decision that meant he could not seize control of the massive East Side housing complex and force it into foreclosure, wiping out his and Winthrop Realty’s $45 million investment. CW Capital, which Read More
A judge has halted the attempt by hedge funder Bill Ackman and Winthrop Realty Trust to seize control of Stuyvesant Town, putting the brakes on the foreclosure the two investors had scheduled for Aug. 25.
Now, the two parties are scheduled to appear in court on Sept. 2.
The special servicer in control of Read More
Everyone already knew that the hedge fund manager Bill Ackman lives dangerously. Recall, for example, his tangos with Wendy’s, Spitzer, MBIA, Target, and also, when he tried to sell his 19th-floor, 11-room, four-bedroom, two-terrace Majestic co-op, his mother-in-law.
But two stories this week about Mr. Ackman have cemented his reputation. On Wednesday, my Read More
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.