Wednesday, March 4, 2009

Leucadia Discloses Loss in Pershing Square

From the latest 10k:

"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 (NYSE:TGT). The Company recorded losses under the equity method of accounting from this investment of $77,700,000 and $85,500,000 in 2008 and 2007, respectively, principally resulting from declines in the market value of Target Corporation's common stock. At December 31, 2008, the book value of the Company's investment in Pershing Square was $36,700,000."

(Hat tip: Wall St Nation)

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