Ackman Sells Valeant; Elliott has new, potentialy explosive claims in its fight with Arconic

So ends Bill Ackman’s valiant effort to prove that platform value is just like any other kind of value.

Pershing Square Capital Management’s three-year partnership with Valeant Pharmaceuticals International, which comprised a lucrative but legally controversial and ultimately unsuccessful takeover bid for botox-maker Allergan, a lengthy commendation of CEO Mike Pearson’s strategic genius at the Sohn Conference in 2015, and $4 billion in losses – roughly equivalent to gains on Canadian Pacific Railway and Allergan – ended Monday with confirmation the activist had sold its shares and would not stand its representatives for re-election at the 2017 annual meeting. Unfortunately, the investment community was more than available for comment.

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