This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hedge Funds, Baseball, Aliens: How Ackman Trumped Einhorn ... Again

NEW YORK ( TheStreet) -- Last week, I teased had a really good story coming up involving hedge funds, baseball and aliens. I hope this one doesn't disappoint.

By now, everyone knows Greenlight Capital's David Einhorn, he of the Apple (AAPL - Get Report) iPref idea, and the guy that desperately wanted to own a piece of the New York Mets when the National League franchise was in serious financial trouble, stemming from the Wilpon's losses in the Bernie Madoff scandal.

At the Ira Sohn conference in 2011, Einhorn even gave a "Let's go Mets!" cry at the end of his presentation, and referenced former slugger Ken Griffey Jr. during his speech, showcasing his passion for the game of baseball. I picked up on the "Let's go Mets" immediately, but didn't know exactly what Einhorn was referencing until a few days later when the announcement came.

Einhorn had agreed to buy a $200 million non-controlling minority stake in the baseball franchise, providing the Wilpons with some much needed relief and cushion. Ultimately, the deal did not come to fruition and both sides parted ways with Einhorn left out in the cold.

It's also a well-known story that Einhorn used to be great friends with another hedge fund honcho, Pershing Square's Bill Ackman. Ackman once called Einhorn his "marketing adviser," after lauding his investment returns on air in a 2010 CNBC appearance together.

Since that time, the relationship between the two has been strained. Ackman and Einhorn are no longer as close as they once were, with baseball playing a major role in the falling out process. Ackman told The New York Times in 2011 about Einhorn's interest in buying the Milwaukee Brewers in 2004. ( Vanity Fair has an excellent piece on the issues between Ackman, Einhorn, and other hedge fund heavyweights, and is well worth the read.)

Einhorn declined to comment for this story, and Ackman could not be immediately reached.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.82 -0.85%
HHC $104.92 -0.60%
FB $117.52 -0.46%
GOOG $696.00 0.04%
TSLA $212.28 -4.60%


Chart of I:DJI
DOW 17,644.21 -7.05 -0.04%
S&P 500 2,053.26 +2.14 0.10%
NASDAQ 4,729.1960 +3.5570 0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs