Bill Ackman

So he, he basically bought a bunch of stock and said it was a really great company. And, you know, Carl, at least at the time through his weight around a bit, I was a credible investor, had a lot of resources and, uh, that began the saga.

So he, he basically bought a bunch of stock and said it was a really great company. And, you know, Carl, at least at the time through his weight around a bit, I was a credible investor, had a lot of resources and, uh, that began the saga.

So he, he basically bought a bunch of stock and said it was a really great company. And, you know, Carl, at least at the time through his weight around a bit, I was a credible investor, had a lot of resources and, uh, that began the saga.

I'd say legendary in a sense, yes, for sure. An iconic. Iconic? Carl Icahn. Oh, that's very well done. So definitely an iconic investor. So what was the backstory between the two of you? So I mentioned that I had another period of time where significant business challenges. This was my first fund called Gotham Partners.

I'd say legendary in a sense, yes, for sure. An iconic. Iconic? Carl Icahn. Oh, that's very well done. So definitely an iconic investor. So what was the backstory between the two of you? So I mentioned that I had another period of time where significant business challenges. This was my first fund called Gotham Partners.

I'd say legendary in a sense, yes, for sure. An iconic. Iconic? Carl Icahn. Oh, that's very well done. So definitely an iconic investor. So what was the backstory between the two of you? So I mentioned that I had another period of time where significant business challenges. This was my first fund called Gotham Partners.

And we had a court stop a transaction between some private, a private company we owned and a public company. It's another long story. If you want to go there. I would love to hear it as well. But it was really my deciding to wind up my former fund. And we owned a big stake in a company called Hallwood Realty Partners, which was a company that owned real estate assets.

And we had a court stop a transaction between some private, a private company we owned and a public company. It's another long story. If you want to go there. I would love to hear it as well. But it was really my deciding to wind up my former fund. And we owned a big stake in a company called Hallwood Realty Partners, which was a company that owned real estate assets.

And we had a court stop a transaction between some private, a private company we owned and a public company. It's another long story. If you want to go there. I would love to hear it as well. But it was really my deciding to wind up my former fund. And we owned a big stake in a company called Hallwood Realty Partners, which was a company that owned real estate assets.

And it was worth a lot more than where it was trading, but it needed an activist to really unlock the value. And we were, in fact, going out of business and didn't have the time or the resources to pursue it. So I sold it to Carl Icahn. And I sold it to him at a premium to where the stock was trading. I think the stock was like 66. I sold it to him for 80, but it was worth about 150.

And it was worth a lot more than where it was trading, but it needed an activist to really unlock the value. And we were, in fact, going out of business and didn't have the time or the resources to pursue it. So I sold it to Carl Icahn. And I sold it to him at a premium to where the stock was trading. I think the stock was like 66. I sold it to him for 80, but it was worth about 150.

And it was worth a lot more than where it was trading, but it needed an activist to really unlock the value. And we were, in fact, going out of business and didn't have the time or the resources to pursue it. So I sold it to Carl Icahn. And I sold it to him at a premium to where the stock was trading. I think the stock was like 66. I sold it to him for 80, but it was worth about 150.

And I said, look, and part of the deal was Carl's like, look, I'll give you schmuck insurance. I'll make sure you don't look bad. And I had another deal at a higher price without Schmuck insurance, but I deal with Carl at a lower price with Schmuck insurance.

And I said, look, and part of the deal was Carl's like, look, I'll give you schmuck insurance. I'll make sure you don't look bad. And I had another deal at a higher price without Schmuck insurance, but I deal with Carl at a lower price with Schmuck insurance.

And I said, look, and part of the deal was Carl's like, look, I'll give you schmuck insurance. I'll make sure you don't look bad. And I had another deal at a higher price without Schmuck insurance, but I deal with Carl at a lower price with Schmuck insurance.

And the way the Schmuck insurance went, he said, look, Bill, if I sell the stock in the next three years, you know, for a higher price, I'll give you 50% of my profit. That's a pretty good deal. So we made that deal. And because I was dealing with Carl Icahn, who had a reputation for being difficult, I was very focused on the agreement. And we didn't want him to be able to be cute.

And the way the Schmuck insurance went, he said, look, Bill, if I sell the stock in the next three years, you know, for a higher price, I'll give you 50% of my profit. That's a pretty good deal. So we made that deal. And because I was dealing with Carl Icahn, who had a reputation for being difficult, I was very focused on the agreement. And we didn't want him to be able to be cute.

And the way the Schmuck insurance went, he said, look, Bill, if I sell the stock in the next three years, you know, for a higher price, I'll give you 50% of my profit. That's a pretty good deal. So we made that deal. And because I was dealing with Carl Icahn, who had a reputation for being difficult, I was very focused on the agreement. And we didn't want him to be able to be cute.

So the agreement said... If we sell, if he sells or otherwise transfers his shares, and I, we came up with a definition include every version of sale. Okay. Cause you know, it's Carl. Uh, well he then, uh, buys the stake and then makes a bid for the company and, you know, plan is for him to get the company and he bids like 120 a share and the company hires Morgan Stanley to sell itself. Okay.

So the agreement said... If we sell, if he sells or otherwise transfers his shares, and I, we came up with a definition include every version of sale. Okay. Cause you know, it's Carl. Uh, well he then, uh, buys the stake and then makes a bid for the company and, you know, plan is for him to get the company and he bids like 120 a share and the company hires Morgan Stanley to sell itself. Okay.