"William Ackman, the billionaire hedge fund manager, is having an eventful summer battling iconic Wall Street titans and corporate leaders as he tries to turn around his most problematic investments"
"...Ackman on Friday responded by issuing a long press release in which he said J.C. Penneyâs board had ceased to function effectively and that he had lost confidence in board chairman Engibous. Said Ackman: JC Penney JCP -5.78%âs âvery existence is at risk.â That helped cause the companyâs stock to drop by 7%, a bad outcome for Ackman..."
http://www.forbes.com/sites/nathanvardi/2013/08/09/billionaire-bill-ackman-takes-on-the-world/
"...Ackman on Friday responded by issuing a long press release in which he said J.C. Penneyâs board had ceased to function effectively and that he had lost confidence in board chairman Engibous. Said Ackman: JC Penney JCP -5.78%âs âvery existence is at risk.â That helped cause the companyâs stock to drop by 7%, a bad outcome for Ackman..."
http://www.forbes.com/sites/nathanvardi/2013/08/09/billionaire-bill-ackman-takes-on-the-world/