Bill Ackman

And I suffered severe psychological torture every time I walked by Rockefeller Center because we could have made, we knew more about that property than anyone else, but I knew less about deal-making and didn't have the resources. And I was 28 years old or 27. And they hired a better lawyer than we did. And they outsmarted us on that one in a way.

And I suffered severe psychological torture every time I walked by Rockefeller Center because we could have made, we knew more about that property than anyone else, but I knew less about deal-making and didn't have the resources. And I was 28 years old or 27. And they hired a better lawyer than we did. And they outsmarted us on that one in a way.

So I said, okay, I'm going to go hire this guy the next time around.

So I said, okay, I'm going to go hire this guy the next time around.

So I said, okay, I'm going to go hire this guy the next time around.

So a board can always admit a member at any time in their discretion for a U.S. company. Right. Maybe there's some jurisdiction where you need a shareholder vote, but in most cases, a board can vote on any director that they want. If the board doesn't invite you to the party, you have to apply to be a member, in effect.

So a board can always admit a member at any time in their discretion for a U.S. company. Right. Maybe there's some jurisdiction where you need a shareholder vote, but in most cases, a board can vote on any director that they want. If the board doesn't invite you to the party, you have to apply to be a member, in effect.

So a board can always admit a member at any time in their discretion for a U.S. company. Right. Maybe there's some jurisdiction where you need a shareholder vote, but in most cases, a board can vote on any director that they want. If the board doesn't invite you to the party, you have to apply to be a member, in effect.

And that process is called, basically, it's the process of ultimately running a slate for a meeting where you propose a number. Any shareholder can propose to be on a board of a company if they own one share of stock in the business.

And that process is called, basically, it's the process of ultimately running a slate for a meeting where you propose a number. Any shareholder can propose to be on a board of a company if they own one share of stock in the business.

And that process is called, basically, it's the process of ultimately running a slate for a meeting where you propose a number. Any shareholder can propose to be on a board of a company if they own one share of stock in the business.

And getting your name in the company's, you know, in the materials they sent to shareholders, those rules were written in a way that were very unfavorable and very difficult to get in the door.

And getting your name in the company's, you know, in the materials they sent to shareholders, those rules were written in a way that were very unfavorable and very difficult to get in the door.

And getting your name in the company's, you know, in the materials they sent to shareholders, those rules were written in a way that were very unfavorable and very difficult to get in the door.

And those rules have been changed very recently, where the company now has to include a candidate, really all the candidates in the materials they send to shareholders, so the shareholders pick the best ones. When we applied, or when we applied, when we ran proxy contests in the past, that was not the case.

And those rules have been changed very recently, where the company now has to include a candidate, really all the candidates in the materials they send to shareholders, so the shareholders pick the best ones. When we applied, or when we applied, when we ran proxy contests in the past, that was not the case.

And those rules have been changed very recently, where the company now has to include a candidate, really all the candidates in the materials they send to shareholders, so the shareholders pick the best ones. When we applied, or when we applied, when we ran proxy contests in the past, that was not the case.

And so you have to spend a lot of money, mostly mailing fees and all kinds of other legal and other expenses to let everyone know you're running, like running a political campaign. And then you've got to run around and meet with the big shareholders, fly around the country, explain your case to them. And then there's a shareholder meeting. And if you get a majority of the votes, you get on.

And so you have to spend a lot of money, mostly mailing fees and all kinds of other legal and other expenses to let everyone know you're running, like running a political campaign. And then you've got to run around and meet with the big shareholders, fly around the country, explain your case to them. And then there's a shareholder meeting. And if you get a majority of the votes, you get on.

And so you have to spend a lot of money, mostly mailing fees and all kinds of other legal and other expenses to let everyone know you're running, like running a political campaign. And then you've got to run around and meet with the big shareholders, fly around the country, explain your case to them. And then there's a shareholder meeting. And if you get a majority of the votes, you get on.