Watch the following video…
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So, I get back from the kids baseball game, see this and think CNBC actually know what it is talking about. I then do a post on it (it has since been deleted so that people do not only read that, it is in error).
Then, later I decide to look through filing to see what else it there and then………… WTF!!
Here is the January filing for Pershing…
No GGP? That is because at the time GGWPQ, the ticker symbol, then on the pink sheets was not a reportable security. Pershing was not required to report is on the 13-HR.
They did however report is on the 13D as required as they owned >5%.
So when CNBC saw this filing today, they simply compared the Q4 2009 vs the Q1 2010 filings and thought Ackman bought 24 million new shares.
What a joke and shame on me for thinking they’d do their job….