NEW YORK (Reuters) - Pershing Square Capital Management, a hedge fund, wrote an open letter to MBIA Inc on Thursday ahead of the bond insurer’s conference call.
The conference call, which was to begin at 11 a.m., has an unusual format: Investors and analysts were asked to submit their questions in advance, or to submit their questions electronically. That means conference call participants may not be able to hear or see every question that is asked.
Pershing Square, founded by Bill Ackman, asked questions regarding possible uses for the company’s cash, and collateral posting requirements at subsidiaries. The letter was likely intended to make Pershing Square’s questions public even if MBIA chooses not to answer them on the call.
For years, Pershing Square has been betting that MBIA shares will fall.
Reporting by Dan Wilchins; editing by John Wallace