I have been an investor in HHH for more than 8 years (and my total return is probably 0% to -5% over that period)

assets.pershingsquareholdings.com - HHH Proposal Letter has the details

Bill is putting serious money in this company.


In that I own 44% of Pershing Square Holdco, other employees own 46%, and our strategic investors own 10%, our $1 billion investment in HHH represents a ‘look-through’ cash investment by me of $440 million, $460 million by other Pershing Square employees, and $100 million from a group of institutions, family offices, and CEOs and founders of other alternative investment managers who purchased their 10% stake in Pershing Square Holdco in June of last year for $1.05 billion

He goes on to say
Put simply, we are all in, and we intend for Pershing Square Holdco’s investment in HHH to be a permanent holding. In other words, we intend to hold HHH stock forever.

There is clear intention of buying company cheap($85/share) and then using this vehicle to put additional bets on other public company or macro bets or other alternative assets

Based on our analysis, we believe that HHC is on the path to soon begin to generate substantial
excess cash resources above and beyond investments in new property developments and
amenities, including the capital expenditures and other investments necessary and desirable to
maintain and enhance the continued growth, quality of life, and overall attraction of HHC’s
nationally recognized, perennially award-winning Master Planned Communities.

HHH would invest the excess cash resources of its HHC subsidiary – with additional resources
including potential cash from the Transaction and the financial resources generated from HHH’s
access to public company capital – in new companies and assets with the long-term goal of
growing HHH’s per-share intrinsic value at a high compound rate of return.


I think the company does have lot of momentum with community development in Houston, Hawaii and Vegas doing very well and selling at record prices and now Arizona project has gotten off really good. The New York holding (Seaport) has been spun off so what remains is much higher quality assets.

I will convert my shares to the holdco subsidiary as I think this company will go on to do very well with Pershing Squares help.I don't want to take the buyout as I feel I will be leaving lot of money on the table.