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...

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