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Ackman could very well just be trying to guarantee a seat at the bankruptcy breakup table, or putting his dibs on the contingent upside with the equivalent of low cost call options. He has not committed that much capital. The companies inventory is worth more than the share price reflects, the only caveat is that the company has more than it's inventory to contend with. The share prices is depressed due to the contingent liability of bankruptcy and the bad financing environment which makes bankruptcy and litigation a very real threat.

That is why it is better to cherry pick prime assets at fire sale prices than to try and speculate on the company as a whole.