From Reuters: Hedge fund manager James Dinan is wagering that ailing retailer JC Penney Corp will continue to perform poorly and in the process he is taking on the company's biggest bull, billionaire investor William Ackman.
Dinan, who heads York Capital Management which manages $15.1 billion, this week told an audience at a Morgan Stanley investing conference in New York that the firm is shorting JC Penney's debt, effectively taking a dim view of its future.
That puts Dinan at odds with Ackman and his $12 billion Pershing Square Capital Management hedge fund. Ackman has become a big JC Penney cheerleader since his firm started buying the stock in 2010.
Ackman is now under pressure from big-name investors taking the opposite side on two of his positions - the other being nutritional supplements company Herbalife in which he has a $1 billion short position and has been battling hedge fund manager Daniel Loeb and legendary investor Carl Icahn, who have both taken long positions….
Read all about it at http://www.reuters.com/article/2013/03/09/us-hedgefunds-york-ackman-idUSBRE92801E20130309