The Hedge Fund Report: Getting What You Pay For

Pershing Square hasn't had its last word on Sears Canada. Earlier this month, Bill Ackman, Pershing Square's founder, opposed Sears Holdings'(SHLD Quote) plan to buy out public shareholders of the northern affiliate for C$18 a share.

Now Ackman is enrolling other aggrieved shareholders in his battle, and with a group controlling 7.7% of the shares, vows to oppose Sears Holdings' bid for the Canadian retailer. Hawkeye Capital Management, Knott Partners Management and Pershing Square will take all legal actions to halt the sale or to obtain a better offer.

Ackman, a well-known activist, received a lot of ink this year for his successful campaign against Wendy's International(WEN Quote) and a less triumphant duel with McDonald's(MCD Quote). Now his new foe is another Goliath: Ed Lampert, Sears Holdings chairman and the astute engineer of the Sears/Kmart merger. It's not going to be a breeze.

The Nobel Foundation, the institution that awards the Nobel Prize, is making a first foray into hedge funds. It selected Corbin Capital Partners, Rock Creek Potomac and the Carnegie Worldwide Long/Short Fund for money-management help.

Among those funds, Corbin, a $1.8 billion fund of funds, is the most recognizable name. Corbin was created by Glenn Dubin and Henry Swieca, the two founders of Highbridge Capital Management, a $10 billion hedge fund sold to JPMorgan(JPM Quote) in 2004.