Courtesy of ZeroHedge. View original post here.
Despite Ackman's triple-down, Valeant has given up all the after-hours' gains and is rapidly losing last week's "buying spree" dead-cat-bounce rally as Pershing's newly synthetic position in the troubled stock moves deeper in the red…
As we noted previously, Pershing's position 'proxies' 34.12 million shares at an average cost of $113.76…
Although his exposure is dramatically non-linear should things not work out (and note he remains even more drastically underwater still even on this newly acquired position).
