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Wiki Education Foundation-supported course assignment

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This article was the subject of a Wiki Education Foundation-supported course assignment, between 11 January 2021 and 20 March 2021. Further details are available on the course page. Student editor(s): Jc4382.

Above undated message substituted from Template:Dashboard.wikiedu.org assignment by PrimeBOT (talk) 02:15, 18 January 2022 (UTC)[reply]

Pershing Square Foundation

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There's no reason to add information on Ackman's private foundation to this page, even if they have similar names. This is besides the point that the additions were made without reliable sources. If there is a connection with the foundation and the investment firm, then that should be demonstrated and well-sourced when adding. FuriouslySerene (talk) 18:34, 5 November 2015 (UTC)[reply]

You have been reverted on this matter by two different parties, so could you stop nit-picking and bring something constructive to the table? Where is it supposed to go then? In a one-paragraph article which will end up being proposed for merger with the hedgefund? --Midas02 (talk) 03:53, 6 November 2015 (UTC)[reply]
I originally reverted FuriouslySerene because I too thought the content was notable and warranted inclusion but after hearing his arguments on my talk page, I don't see any real connection between Pershing Square Foundation and Pershing Square Capital Management, besides Ackman. Do you have any RS making any relationship between the two entities? I wasn't able to find any. Meatsgains (talk) 04:01, 6 November 2015 (UTC)[reply]
In the Bill Ackman article. Where it already is covered in some detail. It has nothing to do the investment firm, and until you can show some connection, I am unsure why you are adding it here. Particularly as you are adding it in the "Company history" section - it's a different company. FuriouslySerene (talk) 04:03, 6 November 2015 (UTC)[reply]
That's a constructive reply. I wasn't aware it was mentioned there, so that would be a good place to park it. Next time, try discussing before becoming agressive with people. You have previously been cautioned on your attitude, and I was about to report you again myself. --Midas02 (talk) 04:16, 6 November 2015 (UTC)[reply]
If you think I did anything wrong here, feel free to report me. I don't think I did anything wrong here. I reverted your edit with 3 reasons (and assumed good faith on your part), and I also later posted here on the talk page. You just went ahead and reverted without discussing here first, and your only explanation was "The foundation website is the source." An editor with your experience is well aware that a link to a foundation's own website is not a reliable source, and you anyways ignored the two other points I made. You only bothered discussing here once I posted to your talk page (which I really did not want to do). I'm sure you were trying to improve the page and I'm sorry if I offended you. But I don't appreciate you lecturing me and suggesting my other comments were not "constructive." FuriouslySerene (talk) 04:39, 6 November 2015 (UTC)[reply]

Leucadia National

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Hello! Francis here, representing Pershing Square Capital Management. Given my conflict of interest, I'll be sharing suggestions on discussion pages instead of editing directly. I'd like to submit an edit request to correct text in the "Company history" section. Currently, the section starts with:

  • In 2004, with $54 million in funding from his personal funds and former business partner Leucadia National, Ackman started Pershing Square Capital Management.[1]

References

  1. ^ Serres, Chris (13 January 2008). "William Ackman: Targeting Target". Star Tribune. Minnesota. Archived from the original on 29 May 2012. Retrieved 16 May 2009.

Issue: Leucadia National is a company, not a person.

The source used as a citation says, "In 1995, just three years out of business school, Ackman teamed up with Leucadia National, an insurance and real estate company, to make one of just a handful of serious bids for Rockefeller Center when it went on the sales block… In 2004, Ackman started his career anew by launching Pershing Square Capital Management with $54 million from himself and Leucadia National." I propose replacing the text with the following:

  • Ackman started Pershing Square Capital Management in 2004 with a seed investment from Leucadia National .

Could someone please update the article's text on my behalf? Thank you! FMatPSCM (talk) 22:55, 28 February 2024 (UTC)[reply]

@FMatPSCM I have updated the article with some modifications to the phrase. I'll let you read over it and if you have any more requests, let me know. Kline • talk to me! • contribs 02:18, 29 February 2024 (UTC)[reply]

Request to correct text

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I would like to submit another edit request to correct text in the "Herbalife" section.

Currently, the section says: "In March 2015, U.S. District Judge Dale Fischer dismissed a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme.[1]

References

  1. ^ Zacks Equity Research (20 March 2015). "Herbalife Soars as Judge Dismisses Lawsuit (revised)". Yahoo Finance. Verizon Media. Archived from the original on 9 July 2017. Retrieved 23 March 2015.

Issue: This is not accurate. A California Judge dismissed this case against Herbalife in March 2015, but the case was regarding a lack of disclosure. It was not a case to determine if, or if not, Herbalife was a pyramid scheme.

This Reuters source explains, "U.S. District Judge Dale Fischer in Los Angeles, who dismissed a version of the complaint in March, said on Tuesday the Oklahoma Firefighters Pension and Retirement System did not show the defendants defrauded shareholders by concealing the company's inability to track retail sales... 'Herbalife openly disclosed that it was susceptible to legal challenge precisely because its practices occupy the gray area between legitimate multi-level marketing company and illegal pyramid scheme,' Fischer wrote."

For these reasons, I propose replacing the current text with:

  • In March 2015, U.S. District Judge Dale Fischer dismissed a suit filed by Herbalife investors who claimed the company defrauded shareholders by concealing the company's ability to track retail sales. The case did not address whether Herbalife was an illegal pyramid scheme and Judge Fischer did not comment on those allegations.[1][2]

References

  1. ^ Zacks Equity Research (20 March 2015). "Herbalife Soars as Judge Dismisses Lawsuit (revised)". Yahoo Finance. Verizon Media. Archived from the original on 9 July 2017. Retrieved 23 March 2015.
  2. ^ Stempel, Jonathan; Ablan, Jennifer (March 20, 2015). "Herbalife not exonerated by U.S. judge: Pershing Square". Reuters.

Can someone please update the article on my behalf? Thank you. FMatPSCM (talk) 23:40, 2 March 2024 (UTC)[reply]

 Not done: FMatPSCM, it seems to me that the current wording is accurate. The "dismissed a version of the complaint in March" is the pyramid scheme one, and the one with the Oklahoma Firefighters Pension and Retirement System is a seperate one. Reuters has a seperate piece covering the March case here. ARandomName123 (talk)Ping me! 21:21, 29 March 2024 (UTC)[reply]
@ARandomName123: Thank you for reviewing, but I disagree. Both Reuters stories, the 3/18/15 article, and the 7/29/15 article, are about the same case. Both articles list the same case number, 14-02850, in the last line. The July article provides more context than the March article, so I believe it should be added as a source and noted on the Wiki page that the judge dismissed the complaint and said that the plaintiff "did not show the defendants defrauded shareholders by concealing the company's inability to track retail sales," and that the case did not address whether Herbalife was an illegal pyramid scheme and the judge did not comment on those allegations. FMatPSCM (talk) 21:34, 29 April 2024 (UTC) moved from below section. ARandomName123 (talk)Ping me! 22:06, 29 April 2024 (UTC)[reply]
@FMatPSCM: Hi, I see what you mean, sorry for missing it. Do you have a proposed replacement with the new info, or is your previous request still what you want added in? Thanks. ARandomName123 (talk)Ping me! 22:08, 29 April 2024 (UTC)[reply]
@ARandomName123: Thanks for taking another look. I welcome an update to the article based on my previously suggested text. Thanks! FMatPSCM (talk) 19:49, 30 April 2024 (UTC)[reply]
@FMatPSCM:  Go ahead: I have reviewed these proposed changes and suggest that you go ahead and make the proposed changes to the page. ARandomName123 (talk)Ping me! 20:42, 30 April 2024 (UTC)[reply]
@ARandomName123: Thanks for the endorsement. I appreciate your permission but I am not comfortable editing the article directly. Would you be willing to update the article on my behalf? If not, could the request be reopened for further review instead of declined? Thanks again FMatPSCM (talk) 18:31, 2 May 2024 (UTC)[reply]
@FMatPSCM:  Partly done I've replaced it, but changed the date to July as the article states that the judge said on Tuesday. I'm also a bit dubious about the second sentence, as it is a claim from PSCM. Fischer did mention it, stating:

Herbalife openly disclosed that it was susceptible to legal challenge precisely because its practices occupy the gray area between legitimate multi-level marketing company and illegal pyramid scheme," Fischer wrote.

ARandomName123 (talk)Ping me! 19:42, 2 May 2024 (UTC)[reply]

"Pershing Square Tontine Holdings"

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I would like to submit another request for this article. Currently, there are two sections dedicated to Pershing Square Tontine Holdings. Here are links:

I propose combining these two sections. Also, the content that implies PSTH is still active should be edited. For example, "PSTH is currently the largest SPAC to IPO to date" and "PSTH has a unique". I would appreciate an update to the tense here.

Can User:Kline or another editor update the article? FMatPSCM (talk) 21:37, 12 March 2024 (UTC)[reply]

 Done ARandomName123 (talk)Ping me! 21:27, 29 March 2024 (UTC)[reply]

Text correction and update

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Hello again! I'd like to submit another edit request to correct and update existing text.

First, the article says, "In October 2014, Ackman launched a UK-based closed-end fund, Pershing Square Holdings, on the London Stock Exchange." This is not accurate. Pershing Square Holdings is incorporated in Guernsey listed on the Euronext Amsterdam in 2014. Sources: CNBC, The New York Times, Reuters. It also commenced trading on the London Stock Exchange in 2017. Sources: Express. Does someone mind correcting this sentence?

Additionally, the article says, "As of August 2012 the fund held beneficial ownership of 7.7 percent of General Growth's stock." This is outdated, as PSCM sold General Growth Partners in February 2014. Sources: Bloomberg and The Wall Street Journal. Could someone add an update along the lines of "General Growth Partners repurchased PSCM's remaining stake in February 2014."?

Thanks for considering these updates. FMatPSCM (talk) 16:36, 4 April 2024 (UTC)[reply]

 Done Corrected London Stock Exchange to Amsterdam Stock Exchange. I'm going to leave out the London Stock Exchange for now, since Express is listed as unreliable on WP:RSP.
Updated bit about General Growth as requested. ARandomName123 (talk)Ping me! 20:07, 2 May 2024 (UTC)[reply]

Netflix

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Hello! I'd like to submit a request to update the section about Netflix, which references Pershing Square's investment letter when Pershing opened its position, but does not reference the investment letter when Pershing sold the Netflix stake. Additionally, the section says Pershing responded to the stock's decline by selling, which is inaccurate. Pershing sold its stake because it lost confidence in its ability to predict the company's future prospects with a sufficient degree of certainty. From the investor letter:

  • "... we have lost confidence in our ability to predict the company's future prospects with a sufficient degree of certainty. Based on management's track record, we would not be surprised to see Netflix continue to be a highly successful company and an excellent investment from its current market value."
  • "... we believe the dispersion of outcomes has widened to a sufficiently large extent that it is challenging for the company to meet our requirements for a core holding."

Deadline Hollywood (source) said, "Bill Ackman's Pershing Square Holdings, which made a high-profile purchase of Netflix shares in January after a dip in the stock price, said it sold the stake today, having 'lost confidence in our ability to predict the company's future prospects with a sufficient degree of certainty.'"

Could someone please correct this section? I propose replacing "In April, Netflix stock fell by 35%, and Ackman responded by selling his entire stake in the company" with "In April, Pershing Square sold its stake, citing a loss of confidence in being able to predict Netflix's future prospects", or similar. Thanks in advance for helping to update the page on my behalf. FMatPSCM (talk) 16:08, 6 June 2024 (UTC)[reply]

 Not done: Hi @FMatPSCM, thanks for your patience with this edit request. The source currently in the article says "Pershing Square Capital Management said Wednesday it had sold its Netflix holdings after the streaming TV pioneer reported an unexpected drop in subscribers in the first quarter and projected an even steeper decline in the current one. Netflix shares tumbled 35% to $226.19 at the close in New York ...". This backs up the current wording, while the "lost confidence" language can only be found in direct quotes from the firm, which is not independent. Rusalkii (talk) 17:42, 2 September 2024 (UTC)[reply]

Air Products

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Hello again. I'd like to submit another suggestion for the "Investment history" section, this time to add content about Air Products & Chemicals since Pershing held a board seat. I propose the following addition:

  • In 2013, Pershing Square acquired a $2.2 billion stake in Air Products & Chemicals,[1] and nominated Matt Paull to serve on the company's board.[2] Pershing Square sold its stake in 2017. According to a letter cited by Reuters, during Pershing Square’s four-and-half-year investment, APD delivered a 104.7% total shareholder return.[3]

References

  1. ^ "Ackman's Pershing Square takes $2.2 billion stake in Air Products". Reuters. July 31, 2013.
  2. ^ "CEO to retire as Air Products strikes deal with Ackman". Reuters. September 26, 2013.
  3. ^ "Ackman sells Air Products, Nomad Foods positions, makes strong profit". Reuters. November 15, 2017.

Thanks for considering this update. FMatPSCM (talk) 16:05, 13 June 2024 (UTC)[reply]

 Done I wasn't sure where you wanted it, feel free to move it to a different part of the page if you like. Rusalkii (talk) 17:52, 2 September 2024 (UTC)[reply]

Forbes contributor

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Hello again! I'd like to propose another article improvement.

The Company history section says: Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab".[1]

I propose removal of this text and source, per WP:FORBESCON at Wikipedia:Reliable sources/Perennial sources ("Most content on Forbes.com is written by contributors or 'Senior Contributors' with minimal editorial oversight, and is generally unreliable.")

References

  1. ^ "From Hedge Funds to Bonefishing," Forbes Archived 2020-11-06 at the Wayback Machine, July 16, 2012

Thanks for the continued assistance. FMatPSCM (talk) 14:06, 14 June 2024 (UTC)[reply]

 Done ARandomName123 (talk)Ping me! 19:14, 14 June 2024 (UTC)[reply]

Platform Specialty Products Corporation

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I'd like to propose another article improvement on behalf of PSCM.

The Platform Specialty Products Corporation section does not acknowledge that Pershing Square closed the position in 2019. Therefore, I propose the following update:

  • Pershing Square sold its stake in Element Solutions (formerly Platform Specialty Products) in 2019.[1][2]

References

  1. ^ "Schedule 13D: Element Solutions Inc". U.S. Securities and Exchange Commission. February 3, 2019.
  2. ^ Vincent, John (May 20, 2019). "Tracking Bill Ackman's Pershing Square Portfolio - Q1 2019 Update". Seeking Alpha.

Thanks for considering this update. FMatPSCM (talk) 14:08, 14 June 2024 (UTC)[reply]

 Done Rusalkii (talk) 06:07, 16 August 2024 (UTC)[reply]

Universal Music Group

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For this request, I'd like to focus on the Universal Music Group section. Here's the current text:

  • In July 2021, Pershing Square and its affiliates acquired 7.1% of the share capital of Universal Music Group (UMG) from Vivendi for US$2.8 billion, corresponding to an enterprise value of €35 billion for 100% of UMG's share capital.[1] On September 9, 2021, Pershing Square and its affiliates acquired 2.9% of the share capital of UMG for US$1.15 billion, corresponding to an enterprise value of €35 billion for 100% of UMG's share capital. Following the transaction Pershing Square held 10% of UMG's share capital.[2] He was appointed as a non-executive director of UMG on May 12, 2022.[3]

References

  1. ^ Van Overstraeten, Benoit; Herbst-Bayliss, Svea (August 10, 2021). "Vivendi sells a 7.1% stake of UMG to Pershing Square for $2.8 billion". Reuters. Archived from the original on December 6, 2022.
  2. ^ GV De Clercq (August 31, 2021). "Pershing Square to buy extra 2.9% of Universal Music for $1.15 bln". Reuters. Archived from the original on December 5, 2022.
  3. ^ "Universal Music Group N.V. Announces Results of its 2022 Annual General Meeting of Shareholders" (Press release). UMG. May 12, 2022.

Some of the dates are slightly off, so I've made some adjustments to make the text more in line with what the sources say. I suggest replacing with the following:

  • PSCM acquired a 7.1% stake of Universal Music Group (UMG) from Vivendi in August 2021 for $2.8 billion.[1] Later that month, PSCM agreed to purchase an additional 2.9% of UMG from Vivendi for $1.149 billion.[2] Following the transaction, PSCM held 10% of UMG's share capital.[3] Ackman was nominated to a non-independent director of UMG in March 2022.[4]

References

  1. ^ "Vivendi sells a 7.1% stake of UMG to Pershing Square for $2.8 billion". Reuters. August 10, 2021.
  2. ^ "Pershing Square to buy extra 2.9% of Universal Music for $1.15 bln". Reuters. August 31, 2021.
  3. ^ Bary, Andrew (September 21, 2021). "Bill Ackman's Fund Is a Big Winner From Universal Music's Debut". Barron's. Pershing Square Holdings could be sitting on a pretax profit of about $900 million. In Tuesday trading in Europe, Universal Music shares were at about 25.50 Euros, 37% above Ackman's cost of 18.58 Euros. The big gain in Universal shares vindicates Ackman's bullish take on the company and his willingness to buy roughly 10% of the world's leading music company.
  4. ^ "Universal Music Group Board Nominates William A. Ackman, Nicole Avant, Cyrille Bollore and Sherry Lansing as Directors and Publishes 2021 Annual Report and Agenda for 2022 Annual General Meeting of Shareholders". Universal Music Group. March 31, 2022.

Thanks for reviewing and helping to make the text a bit more accurate. FMatPSCM (talk) 23:57, 12 August 2024 (UTC)[reply]

 Done thank you for the corrections. Rusalkii (talk) 17:58, 2 September 2024 (UTC)[reply]
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