Bill Ackman

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.

And he raises his bid to 125 and the 130 eventually gets sold. I don't remember the exact price. Let's say $145 a share. And Carl's not the winning bidder. And he sells his stock or loses or transfers his shares. So he owes actually our investors the difference between 145 and 80 times 50%. And I had like, you know, lawyers never like you to put like a arithmetic example.

And he raises his bid to 125 and the 130 eventually gets sold. I don't remember the exact price. Let's say $145 a share. And Carl's not the winning bidder. And he sells his stock or loses or transfers his shares. So he owes actually our investors the difference between 145 and 80 times 50%. And I had like, you know, lawyers never like you to put like a arithmetic example.

And he raises his bid to 125 and the 130 eventually gets sold. I don't remember the exact price. Let's say $145 a share. And Carl's not the winning bidder. And he sells his stock or loses or transfers his shares. So he owes actually our investors the difference between 145 and 80 times 50%. And I had like, you know, lawyers never like you to put like a arithmetic example.

I put like a formula, you know, like out of a math book in the documents. So there can be no confusion. It was only an eight page, really simple agreement. So the deal closes and he's supposed to pay us in two business days or three business days. I wait a few business days. No money comes in. I call Carl. I'm like, Carl, congratulations on the Hollywood Realty. Thanks, Bill.

I put like a formula, you know, like out of a math book in the documents. So there can be no confusion. It was only an eight page, really simple agreement. So the deal closes and he's supposed to pay us in two business days or three business days. I wait a few business days. No money comes in. I call Carl. I'm like, Carl, congratulations on the Hollywood Realty. Thanks, Bill.

I put like a formula, you know, like out of a math book in the documents. So there can be no confusion. It was only an eight page, really simple agreement. So the deal closes and he's supposed to pay us in two business days or three business days. I wait a few business days. No money comes in. I call Carl. I'm like, Carl, congratulations on the Hollywood Realty. Thanks, Bill.

I said, Carl, I just want to remind you, I know it's been a few years, but we have this agreement. Remember the Schmuck insurance? It's like, yeah. I said, well, you owe us our schmuck insurance. He said, what do you mean? I didn't sell my shares. I said, do you still have the shares? He says, no. I said, well, what happened to them?

I said, Carl, I just want to remind you, I know it's been a few years, but we have this agreement. Remember the Schmuck insurance? It's like, yeah. I said, well, you owe us our schmuck insurance. He said, what do you mean? I didn't sell my shares. I said, do you still have the shares? He says, no. I said, well, what happened to them?

I said, Carl, I just want to remind you, I know it's been a few years, but we have this agreement. Remember the Schmuck insurance? It's like, yeah. I said, well, you owe us our schmuck insurance. He said, what do you mean? I didn't sell my shares. I said, do you still have the shares? He says, no. I said, well, what happened to them?

Well, the company did a merger for cash and they took away my shares, but I didn't sell them. You understand what happened. So I said, Carl, I'm going to have to sue you. He said, Sue me. I'm going to sue you. He says. So I sued him. And the legal system in America can take some time. And what he would do is we sued and we won in the whatever, New York Supreme Court. And then he appealed.

Well, the company did a merger for cash and they took away my shares, but I didn't sell them. You understand what happened. So I said, Carl, I'm going to have to sue you. He said, Sue me. I'm going to sue you. He says. So I sued him. And the legal system in America can take some time. And what he would do is we sued and we won in the whatever, New York Supreme Court. And then he appealed.

Well, the company did a merger for cash and they took away my shares, but I didn't sell them. You understand what happened. So I said, Carl, I'm going to have to sue you. He said, Sue me. I'm going to sue you. He says. So I sued him. And the legal system in America can take some time. And what he would do is we sued and we won in the whatever, New York Supreme Court. And then he appealed.

And you can appeal like six months after the case. We waited to the 179th day and they would appeal. And then we fought it at the next level. And then he would appeal. And he appealed all the way to the Supreme Court. Of course, the Supreme Court wouldn't take the case. It took years. Now we had, as part of our agreement, we got 9% interest on the money that he owed us.

And you can appeal like six months after the case. We waited to the 179th day and they would appeal. And then we fought it at the next level. And then he would appeal. And he appealed all the way to the Supreme Court. Of course, the Supreme Court wouldn't take the case. It took years. Now we had, as part of our agreement, we got 9% interest on the money that he owed us.

And you can appeal like six months after the case. We waited to the 179th day and they would appeal. And then we fought it at the next level. And then he would appeal. And he appealed all the way to the Supreme Court. Of course, the Supreme Court wouldn't take the case. It took years. Now we had, as part of our agreement, we got 9% interest on the money that he owed us.

So I viewed it as my Carl Icahn money market account with a much higher interest rate. And eventually I won. What was the amount? Tiny. Now it was material to my investors. So my first fund I wound it down, but I wanted to maximize everything for my investors, right? These are the people back me at 26 years old. I was right out of business school and no experience and they supported me.

So I viewed it as my Carl Icahn money market account with a much higher interest rate. And eventually I won. What was the amount? Tiny. Now it was material to my investors. So my first fund I wound it down, but I wanted to maximize everything for my investors, right? These are the people back me at 26 years old. I was right out of business school and no experience and they supported me.

So I viewed it as my Carl Icahn money market account with a much higher interest rate. And eventually I won. What was the amount? Tiny. Now it was material to my investors. So my first fund I wound it down, but I wanted to maximize everything for my investors, right? These are the people back me at 26 years old. I was right out of business school and no experience and they supported me.

So I'm going to go to the end of the earth for them. And four and a half million relative to our fund at the end was maybe 400 million. So it wasn't a huge number, but it was a big percentage of what was left after I sold all our liquid security. So I was fighting for it. So we've got four and a half million plus interest for eight years or something. That's how long the litigation took.