BUSINESS
05/14/2008 05:12 am ET | Updated May 25, 2011

Billionaire Investor Lampert Grilled By Investors

Still red-faced from his flops at Sears and Kmart, billionaire investor Eddie Lampert got hit with more shareholder grumbling at yesterday's annual meeting, but couldn't offer much hope.

A line of investors, including his sometime nemesis multi-millionaire Bill Ackman of Pershing Square Capital, waited patiently for the microphone to complain.

"You're the reason we're here," Ackman told Lambert. "We think Sears is undervalued. Your disclosure is not as forthcoming as it should be."

Ackman said investors need more transparency on operations, such as the home services business. Ackman did throw a compliment to Lampert, adding, "I appreciate what you do for the company."

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