Pershing Square’s Bill Ackman Cleans Up With General Growth Properties
Market Folly submits:
Due to activity on February 24th, 2010, Bill Ackman’s hedge fund firm Pershing Square Capital Management has updated us on the size of its General Growth Properties (GGWPQ.PK) stake. In an amended 13D filed with the SEC, Pershing has disclosed a 7.5% ownership stake with 23,953,782 shares. (This total is based off of 317,304,759 common shares outstanding).
However, if you dig into the fine print you see that Pershing also has economic exposure to 54,907,669 shares via total return swaps. As such, its total exposure is 78,861,451 shares. This brings Pershing’s total aggregate economic exposure in General Growth Properties to 24.9% of outstanding common shares. And just recently it hit the news wires that General Growth has won four more months to control its bankruptcy. President and CCO Tom Nolan will be on television Friday morning, undoubtedly to talk about the developments.
Investing, Long Term Investment, stock market | admin March 4, 2010
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