Lesson From Icahn, Ackman Feud: Look For Fuzzy Deal Terms

Law360, New York (January 28, 2013, 7:05 PM EST) -- An escalating spat between two of Wall Street's brashest investors has its roots in a relatively small transaction nine years ago, and serves as a reminder that deal documents can never be too clear.

Carl Icahn, the 76-year-old billionaire investor, and Bill Ackman, who heads Pershing Square Capital Management LP and its $12 billion in assets, are sparring publicly over vitamin and supplement distributor Herbalife Ltd. Ackman has staked out a $1 billion short position in the stock, betting it will tank, and sources confirm that Icahn is long, a position the Wall Street Journal first reported last week.

But the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS