Marathon's Short Take On Bill Ackman's JC Penney Turnaround Plan

After speculation that bears had their way with J.C. Penney Company, Inc. (NYSE:JCP)’s stock, comes news that the retailer’s debt also faced similar shorting by Marathon Asset Management, a major $10 billion global hedge fund investing in credit and fixed income markets across the globe, and founded by Bruce Richards (CEO) and Louis Hanover (CIO). According to Bloomberg’s Kelly Bit, Marathon made its short play on J.C. Penney Company, Inc. (NYSE:JCP)’s debt through the 5-year credit default swap mechanism, commencing sometime early this year. The swaps cost it an average of 340 basis points. Marathon exited the short, at around…