13F-HR 1 pscm1q08.txt FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Pershing Square Capital Management, L.P. Address: 888 Seventh Avenue, 29th floor New York, New York 10019 13F File Number: 28-11694 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: William A Ackman Title: Managing Member of PS Management GP, LLC, the General Partner of the Institutional Investment Manager filing this report Phone: 212-813-3700 Signature, Place, and Date of Signing: William A Ackman New York, NY/USA May 14, 2008 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form13F Information Table Entry Total: 17 Form13F Information Table Value Total: $2,338,557 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 1 28-11695 Pershing Square GP, LLC 2 28-11926 Pershing Square Holdings GP, LLC FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- BARNES & NOBLE INC COM 067774109 88749 2895551 SH SHARED 1 0 2895551 0 BARNES & NOBLE INC COM 067774109 111716 3644900 SH SOLE 3644900 0 0 BORDERS GROUP INC COM 099709107 30881 5260788 SH SOLE 5260788 0 0 BORDERS GROUP INC COM 099709107 31329 5337092 SH SHARED 1 0 5337092 0 CADBURY SCHWEPPES PLC ADR 127209302 872 19718 SH SOLE 19718 0 0 CADBURY SCHWEPPES PLC ADR 127209302 693 15665 SH SHARED 1 0 15665 0 GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 1947 104697 SH SHARED 1 0 104697 0 GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 2701 145208 SH SOLE 145208 0 0 MBIA INC COM 55262C100 43 38500 SH PUT SOLE 38500 0 0 MBIA INC COM 55262C100 31 27200 SH PUT SHARED 1 0 27200 0 SEARS HLDGS CORP COM 812350106 277457 2717769 SH SHARED 1 0 2717769 0 SEARS HLDGS CORP COM 812350106 411300 4028799 SH SOLE 4028799 0 0 TARGET CORP COM 87612E106 516978 10200828 SH SOLE 10200828 0 0 TARGET CORP COM 87612E106 698985 13792121 SH SHARED 2 0 13792121 0 TARGET CORP COM 87612E106 133 12000 SH CALL SHARED 2 0 12000 0 WENDYS INTL INC COM 950590109 98584 4275127 SH SOLE 4275127 0 0 WENDYS INTL INC COM 950590109 66158 2868972 SH SHARED 1 0 2868972 0