York's Dinan squares off against Ackman over JC Penney $JCP $HLF

York's Dinan squares off against Ackman over JC Penney $JCP $HLF

Hedge fund manager James Dinan is wagering that ailing retailer JC Penney Corp will continue to perform poorly and in the process he is taking on the company's biggest bull, billionaire investor William Ackman.

Dinan, who heads York Capital Management which manages $15.1 billion, this week told an audience at a Morgan Stanley investing conference in New York that the firm is shorting JC Penney's debt, effectively taking a dim view of its future.