His Links Severed, Ackman Sells Stake in J.C. Penney

The hedge fund manager William A. Ackman moved on Monday to sell his roughly 18 percent stake in J. C. Penney, nearly two weeks after he resigned from the board amid an unusual public battle with his fellow directors. Penney filed a prospectus with regulators giving notice that Mr. Ackman's firm, Pershing Square Capital Management, planned to sell its 39.1 million shares. The retailer, which will not receive any proceeds from the sale, didn't list an expected selling price.