He said in 2002 he bought credit default swaps on MBIA and was originally down 99.99% but eventually prospered when MBIA's credit rating was downgraded for insuring too much toxic debt. Go to my previous post from Nov, 08 that talked about his TIP REIT plan: Bill Ackman Trying To Make REIT Move w/ Target (historical valuation comparables, CMBX (AAA) index, commercial real estate price index).
NEW YORK (Dow Jones) -- Pershing Square Capital Management, headed by activist investor Bill Ackman, said it plans to nominate five candidates for election to Target Corp.'s 13-member board. The nominees include Ackman as well as Jim Donald, former chief executive of Starbucks Corp., and Michael Ashner, chief of Winthrop Realty Trust, among candidates who Pershing said are skilled in real, credit cards and real estate. (CNN Money)
He also talked about his GGP investment. Citi actually foreclosed on one of their shopping centers in Louisiana. He expects GGP to file for bankruptcy in the next few days but he says it's a "solvent company with a liquidity problem". So he thinks the equity still has value after it is reorganized. Good luck Will.