Relevant:
2008-12-09 — reuters.com
The derivatives trades gave Pershing Square exposure to shares without owning them outright, so the banks essentially bought the stock on behalf of Pershing Square.
...
Pershing Square could not buy more than 9.9 percent of General Growth's shares outright without falling afoul of special share ownership rules that REITS typically follow to maintain their special tax-advantaged status.
I guess this is a bonanza while derivatives still aren't regulated...
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