In a press release in the after hours, Canadian Pacific filed a massive, mind-fucking, secondary and disclosed that ‘Broadway’ Bill Ackman, Lord of Montauk, will be selling out of all his shares.
Pershing Square has been holding CP, a major winner for them, for years.
Canadian Pacific confirms the commencement of a public offering of 9,840,890 of common shares by certain funds managed by Pershing Square (147.28 +0.62)
8/3/2016, 5:20:30 PM ETCanadian Pacific is not selling any common shares in the offering and will not receive any of the proceeds from the offering of common shares by the funds managed by Pershing Square. Upon the closing of today’s sale of 9,840,890 common shares, funds managed by Pershing Square will not own any common shares of Canadian Pacific.
CP is higher by 16% for 2016, far better than Bill’s other two rapish position, one in VRX (-78%) and his hot shot short (+25%).
No word on whether this spells the beginning of the end for House Ackman.
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Redemptions? Or double down on VRX Before orchestrating a buyout with a partner fund?
Come on, that would be crazier then trying to out-cycle a cyclist in a 100 mile stroll that YOU happened to make a race…
if Elon is allowed to bailout SCTY with TSLA shares I’m sure Ackman could figure out a deal with a partner fund. maybe call up Trump and get him involved lol
He has a much better chance of getting out of VRX alive than HLF. (IMHO). But that will include adding to his position in a a sizable way at some point.
Maybe he will hire Martin Shkreli?
Always good to sell winners to add to losers…
Fly- Didn’t you once say Mr. Ackman is a gifted salesman? I think the world is more interesting place with talented people around.
Perhaps he is just closing an old position for the win to get a little mojo going? Surely Mr. Ackman has made up some vrx paper losses through other means of trade for redemptions? Maybe he wants to partake in the grandeur of the Ark.
There’s nothing exciting left for him to do at CP. He can’t make any acquisitions, there’s nothing to spin off and no costs to cut. It’s been a big winner and kudos to Bill for holding it this long.
As to what he does with the proceeds…. Who knows
There was a bit of talk about the VRX double down theory on your favorite financial tv show this afternoon. Big big balls to throw another $2 billion at it…..