For ailing retailer JC Penney (JCP), there seems to be a revolving door policy on celebrity investors. After the embittered ouster of hedge-fund manager William Ackman, billionaire Mark Cuban gobbled up a reported one million shares of the company.
Like Ackman, Cuban has garnered a reputation for “activist” investment strategies, buying up public stock in order to exert considerable influence over a company’s executive decision-making. Also the owner of the NBA team the Dallas Mavericks, Cuban delights in the limelight, frequently voicing often impolitic views in public and appearing on the popular television show “Shark Tank.”
JCP’s stock has inched up recently, buoyed by the attention of big ticket investors like Hayman Capital and Perry Corp and Glenview Capital Management.