Hedge Fund Manager Bill Ackman Loses $125 Million On Borders Bookstore Investment

Bill Ackman’s hedge fund Pershing Capital has lost $125 million on its investment in Borders Group Inc. Ackman admitted that the Borders investment was a mistake. Borders is rumored to be filing for bankruptcy on Monday or Tuesday. Borders’ entire market cap is less than $30 million as of right now as well. Ackman had an interest in financing a $900 million merger with Barnes & Noble. [AnnArbor.com]

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