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Pershing Square Dumps BN Stock

Pershing Square Capital liquidated its BN stock, according to a regulatory filing made on Friday - Pershing Square owned 11.8% of the company. Forbes reports:

It is unclear whether the billionaire activist investor believes that Barnes & Nobles has taken a turn for the worse, or if he, like many money managers, is being slammed with redemptions and must exit positions even as the market sinks to new lows. A spokesperson for Pershing Square refused to comment.

Of course, Ron Burkle and Yucaipa picked up 8.3% of BN over the course of last month. And BN is a hell of a lot less troubled than Borders, who "issued 5.2 million stock warrants to Pershing Square Capital, already its largest investor, under an agreement that required it to do so if it failed to by a buyer."

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