The only winner trade he made was selling his position at $12.60 pps. It's lower than that today. He just DESTROYED this once great company. I'm so happy (at least) that he lost $ 1/2 BILLION. But many employees with their 401's invested in this LOSER are pennyless. Sad that these fine folks are suffering because of the NUTTY ACKMAN. I can only hope that he suffers as much as the poor employees he helped decimate.
Disc: Never had any position in this company!
Yeah he was a loser because he's the one who brought in CEO Ron Johnson who is held responsible for the disastrous 2012 year which causes sudden massive losses, by cutting out all discounts and classics JCP customers relied on without supplementing losses in any significant way. Ackman even admitted Johnson was the wrong choice when he left the Board and sold off to Citi at a loss.
NOW that he screwed up JCP and dumped his shares before they got any lower, thanks to the dilutive stock offering/deal with the devil Goldman Sachs, that HE helped engineer while still on the Board, Ackman may well be shorting the stock and eventually hoping it goes back up.
- For the rest of the 30 days after the 9/26 offering Goldman Sachs has the option to buy 12.5 million more shares at ANY price so they have huge incentive to keep driving it down. Citi and other sharks will buy up the low-valued shares too. THEN they will have incentive to drive it up benefiting on both ends. HOWEVER the huge short interest means that a squeeze is likely any day hopefully Monday to give them the medicine they've given the decent stockholders they kicked in the behind to make their profits.