Pershing Square’s SPAC Sued Following Failed Bid for UMG Stake

Pershing Square Tontine Holdings’ failed attempt to invest in Universal Music Group continues to be a problem for the Pershing Square Holdings hedge fund. A lawsuit filed Tuesday (Aug. 17) alleges that PSTH is not a proper special purpose acquisition company (SPAC), but rather an investment firm, a legal distinction that determines how SPACs can use its funding and compensate its founders.
The complaint, filed in the U.S. District Court for the South