Bill Ackman's Pershing Square hedge fund — now almost $300 million in the hole on his $1 billion short bet against Herbalife — is digging in.
The activist investor has made "material progress" in attracting federal, state and international regulatory interest in the company he believes is a pyramid scheme, Pershing Square investors were told in a letter highlighting the fund's second-quarter performance.
"We are not at liberty to disclose the nature of those developments, but we believe that the probability of timely aggressive regulatory intervention has increased materially," he said in the private letter, a copy of which was obtained by The Post.
BILL ACKMAN
Nutritional focus.
The 23-page letter, written after an ugly public battle with another big investment, JCPenney, led the 47-year-old New York hedge-fund titan to resign from its board last week, started with the admission, "we are going to make mistakes."
Los Angeles-based Herbalife has strongly denied Ackman's charges. Its shares are up nearly 100 percent since Ackman made his complaints public last December.
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