The Analyst Who Worked On Bill Ackman's Famous Herbalife Short Has Resigned

Bill Ackman has just sent a letter to investors in Pershing Square that Shange Dinneen - the analyst who did most of the work on Ackman's infamous Herbalife short - has resigned.

Here's the letter:

Dear Pershing Square Investor,

For several months, Shane Dinneen, a member of our investment team since late 2007, has expressed interest in leaving Pershing Square to pursue other interests. As Shane is one of the most talented investment analysts I have ever worked with and someone I hold in high regard, I have done my best to convince him to stay with the firm. Recently, he decided it was time for him to move on to areas of his own interest outside of activist investing.

Shane has been a great contributor to Pershing Square. Shane did superb work on GGP, Burger King, andmost recently Herbalife in addition to many other successful investments. As our Herbalife investment has moved from financial analysis to a regulatory and legal execution, Shane has not been leading this investment for some time. Roy Katzovicz, our Chief Legal Officer, and David Klafter, Senior Counsel, have led the Herbalife regulatory effort over the past year and have made significant progress.

We wish Shane success in his future endeavors and have let him know that we will keep a seat open for him on the investment team if and when he decides to return. Shane intends to remain a meaningful investor in Pershing Square.

With respect to Herbalife, we remain convinced that the Company has operated an illegal pyramid scheme since its founding. We are encouraged by the recent regulatory developments concerning the Company.

Sincerely,

Bill