Seeking Alpha

Ackman sets the stage for J.C. Penney exit

  • Pershing Square works out a registration rights agreement with J.C. Penney (JCP) to allow for the sale of blocks of shares.
  • At last count, Bill Ackman's fund held 17.7% of JCP.
  • There hasn't been any specific indication of the timing or amount of shares Ackman wants to sell.
  • JCP -1.2% premarket.
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Comments (12)
  • The_Hammer
    , contributor
    Comments (4057) | Send Message
     
    gotta $6 bid for a few shares hackman
    16 Aug 2013, 08:17 AM Reply Like
  • Brandond
    , contributor
    Comments (376) | Send Message
     
    At least he's finally learning how to manage a losing trade. Perhaps he'll close out his short on HLF but I hope not. His short has been great for 80% gains in HLF.
    16 Aug 2013, 08:25 AM Reply Like
  • karmike
    , contributor
    Comments (190) | Send Message
     
    He has ruined a company, cost thousands their careers, now he wants to take his marbles and go home!
    16 Aug 2013, 08:26 AM Reply Like
  • nostatic1
    , contributor
    Comments (180) | Send Message
     
    Reckless Egomania + Ruthless Behavior = Bill (H)ackman.
    16 Aug 2013, 09:13 AM Reply Like
  • bakmanone
    , contributor
    Comments (39) | Send Message
     
    Good bye, take your marbles, go home and don't grace our doors again. You will get yours in the end for what you have done to a once great company .
    16 Aug 2013, 10:03 AM Reply Like
  • Bouchart
    , contributor
    Comments (780) | Send Message
     
    Buy high, sell low. Even hedge fund bosses do it.
    16 Aug 2013, 11:22 AM Reply Like
  • KJP712
    , contributor
    Comments (452) | Send Message
     
    So much trying to be the next Eddie Lampert.I do see some openings in the Furniture retail business.
    16 Aug 2013, 11:26 AM Reply Like
  • WallStreetDebunker
    , contributor
    Comments (2518) | Send Message
     
    Dan Loeb or Carl Icahn should send Ackman a custom t-shirt silk-screened with a photo of Ackman's face and the following caption:

     

    "I spent $1 billion at JC Penney and all I got was this lousy haircut"

     

    (Ackman once went on CNBC touting JCP's ill-fated promotions, including giving free haircuts to children on Sundays.)
    16 Aug 2013, 12:37 PM Reply Like
  • zagrebzagreb
    , contributor
    Comments (362) | Send Message
     
    I guess Ackman will have to wait a few months to sell his shares, due to his insider status?

     

    I have my fingers crossed that Ackman sells at an all-time low, and that somehow (I know its a million-to-one shot) JCP turns itself around just afterward...
    16 Aug 2013, 01:05 PM Reply Like
  • Yorick
    , contributor
    Comments (525) | Send Message
     
    How does anyone get out of an 18% share of the company without dropping the shares in half?....guess we will see..
    16 Aug 2013, 01:11 PM Reply Like
  • josettep
    , contributor
    Comments (28) | Send Message
     
    Maybe there is more wrong with Penney's than just Ackman!
    16 Aug 2013, 11:35 PM Reply Like
  • bakmanone
    , contributor
    Comments (39) | Send Message
     
    josettep, does the Board of Directors come to mind. They knew 6 months in with the Ron Johnson model that it was not working and they let him continue with the destruction of JC Penney.
    18 Aug 2013, 09:10 AM Reply Like
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