No more AIG (AIG), Lowes (LOW) or Mastercard (MA). Ackman did not take Wells Fargo (WFC) shares in the Wachobia (WB) buyout, he added REIT’s General Growth Properties (GGP) and Alexanders (ALX)
So, what is the “back to the beginning” stuff? Remember a young college student Bill Ackman? He paid half his tuition as a student by snapping up shares in Alexander’s Inc. at $8.50, days before the retailer went bankrupt. As he suspected, the real estate proved so valuable the shares now trade at nearly $57 (in 1993 when it was reported). Alexanders now trades at $157,down from $425 in September.
For those wondering, the General Growth Properties investment is an identical bet by Ackman (read more about it here).
Disclosure (“none” means no position):
Visit the ValuePlays Bookstore for Great Investing Books
5 replies on “Pershing Square Files 13F….Back to the Beginning $$”
lampert’s holdings finally revealed: http://idea.sec.gov/Archives/edgar/data/860585/000095013409003072/d66358e13fvhr.txt
Great post. Curious though, if GGP is so valuable, why isn’t he purchasing more shares? He only has $25 mil worth of the common shares.
Also, can’t one purchase shares just before bankrupty or during it, or will the shares rise immediately to reflect people’s anticipation of unlocked value?
he also has ggp debt. if it does not go BK, then share recovery may take a while
hard to tell what will happen in bk
If GGP recovers a fraction of the real estate value that the company estimated a year ago .. this investment will greatly impact my overall wealth.
Back in January 2008 GGP stated:
“$15 billion of equity value in excess of debt and liabilities translates into a value of $50 per share”
here is hoping it does…..