A NYT blog publishes a performance report from Bill Ackman to investors in Pershing Square. Even with the big run-up in Borders stock recently and the sweetheart deal in which Pershing got to reprice their underwater stock warrants to the bargain level of 65 cents a share in exchange for extending their $42.5 million loan, the hedge fund is still at a loss on their Borders stake. Ackman notes that the average cost of their position after the cheap warrants is still just under $7 a share. He writes, “while the economic environment and digital book readers continue to be […]