Reading Leucadia’s (LUK) 10-k this morning uncovered this little tidbit.
“In June 2007, the Company invested $200,000,000 to acquire a 10% limited
partnership interest in Pershing Square, a newly-formed private investment
partnership whose investment decisions are at the sole discretion of Pershing
Square’s general partner. The stated objective of Pershing Square is to create
significant capital appreciation by investing in Target Corporation (TGT). For the
period from investment to December 31, 2007, the Company recorded losses of
$85,500,000 from this investment under the equity method of accounting,
principally resulting from declines in the market value of Target Corporation’s
common stock. At December 31, 2007, the book value of the Company’s investment
in Pershing Square was $114,500,000. “
Disclosure (“none” means no position):None
