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Ackman Is Out, But J.C. Penney Still Has To Answer To Hedge Fund Holders

Forbes – When Bill Ackman’s Pershing Square Capital accepted defeat and unloaded its stake in JC Penney last week it might have seemed like the department store chain would have one fewer hedge fund breathing down its neck. That, however, is not the case.

A pair of funds – Kyle Bass’ Hayman Capital and Larry Robbins’ Glenview Capital – disclosed positions in J.C. Penney Tuesday. Bass showed a new 5.1% stake while Robbins revealed Glenview has increased its position in the retailer to 20.1 million shares, or 9.1%.

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