Pershing Square's SPAC Sued Following Failed Bid for UMG Stake - NewsBreak

Is Bill Ackman's Pershing Square Tontine Holdings a real special purpose acquisition company? Plaintiffs in a newly filed lawsuit don't think so. Pershing Square Tontine Holdings' failed attempt to invest in Universal Music Group continues to be a problem for the Pershing Square Holdings hedge fund. PSH's famed leader Bill Ackman is one of the defendants in a lawsuit filed Tuesday (Aug. 17) that alleges PSTH is not a proper special purpose acquisition company (SPAC), but rather an investment firm, a legal distinction that determines how SPACs can use its funding and compensate its founders.