Pershing Square Complaint

While Pershing Square owns some preferred shares, the vast majority of its holdings are in common stock. In filings last November, Pershing Square disclosed it had spent a total of about $400 million on a nearly 10% stake in each firm. Mr. Ackman believes the common stock has more upside than the preferred shares, The Wall Street Journal previously reported, though they are seen by some as riskier investments.

See original complaint:
http://online.wsj.com/public/resources/documents/Fannie-Freddie-Complaint.pdf

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