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Ackman Out at J.C. Penney


It happened sooner than some expected. Within weeks of resigning from J.C. Penney's board of directors over a disagreement on the subject of who should be the retail chain's CEO, hedge fund investor Bill Ackman sold his 18 percent stake in the company for approximately $504 million, or $12.90 per share, reported The New York Times. In the process, Ackman accepted a more than $470 million loss on his investment.

The article noted:

"Yet as Mr. Ackman sells off his position, other investors appear to be betting that Penney is on the verge of a turnaround. The investment firm founded by George Soros now owns a roughly 9 percent stake, while Perry Capital recently announced a 7.3 percent stake."

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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