Leucadia Reports 10K: Discloses Pershing Square Target Loss $$

• Posted by ToddSullivan
• on February 27th, 2009

Wow… a 82% loss in Target (TGT) for Leucadia (LUK)

Full 10K

In June 2007, the Company invested $200,000,000 to acquire a 10% limited
partnership interest in Pershing Square, a newly-formed private investment
partnership whose investment decisions are at the sole discretion of Pershing
Square’s general partner. The stated objective of Pershing Square is to create
significant capital appreciation by investing in Target Corporation. The Company
recorded losses under the equity method of accounting from this investment of
$77,700,000 and $85,500,000 in 2008 and 2007, respectively, principally
resulting from declines in the market value of Target Corporation’s common
stock. At December 31, 2008, the book value of the Company’s investment in
Pershing Square was $36,700,000.

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