remember in June 2007 when Leucadia (LUK) invested $200 million in Pershing for it Target (TGT) investment? Check this out
In its annual report in February Leuvcadia booked an $85 million loss on the investment.
In its most recent 10-Q for the first six months of 2008 Leucadia is booking another $31 million dollar loss on the investment.
In short it is now down a total of $116 million or 58% in just about exactly a year.
It is funny. One has to assume Ackman saw the credit and housing trouble far before anyone else did based on his Ambac (ABK) and MBIA (MBI)shorts. It is equally apparent he did not foresee the credit issues creeping into the general economy as they have. You would think that if he did he would have held off on purchases like Target (TGT) and Sears Holdings (SHLD).
Long term I am sure Ackman will recognize gains on these just not the out-sized gains he could have.
Even Leucadia bet against mortgages in Jan. of 2007 and is still profiting from them now as they have booked a $10 million gain in the years first 6 months
Odd
Disclosure (“none” means no position):None
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