November 29, 2007
Patient Pershing’s Philanthropic Profit Pledge
MBIA, Ambac Bear Ackman to Donate Profit to Charity
“Ackman said he personally stands to gain about $500 million if MBIA’s holding company failed and that amount would be donated to charity. The fund itself stands to make “multiple billions of dollars'’ if the holding companies of MBIA and Ambac were to fail, he said.”
Good things sometimes come to those who wait and wait and wait and wait.
Cat: | Time: 12:16 pm (utc+8)
November 29th, 2007 at 3:18 pm
Good God I wonder what he’s spent keeping that trade intact out for years!
My short positions in ABK and MBI were initiated at 52 and 50, respectively.
November 29th, 2007 at 4:02 pm
CapGain: Maybe when you’re managing $6 billion you can afford to have timing as bad as his.
December 1st, 2007 at 11:15 am
I know a few managers who had the same trade as of 2004, but the investors pulled out before.
As usual, it’s all about timing and luck in the end.