Ackman-Roth Scored With Sears Before J.C. Penney Debacle
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Just when it looked like 2013 couldn’t get worse for hedge-fund manager William Ackman, one of his longest-standing investment allies is abandoning ship.
Developer Steven Roth last week sold more than 40 percent of the J.C. Penney Co. shares that his Vornado Realty Trust acquired in conjunction with Ackman’s Pershing Square Capital Management LP in 2010. Vornado, which joined Pershing Square in winning wagers on McDonald’s Corp. and Sears Roebuck & Co., is cutting its stake after J.C. Penney’s declines left his firm and the hedge fund with combined losses topping $800 million.