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
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