WHEN: TODAY, FRIDAY, AUGUST 9TH
WHERE: CNBC'S "POWER LUNCH"
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?play=1&video=3000189540.All references must be sourced to CNBC.
SCOTT WAPNER: WELCOME BACK TO "POWER LUNCH." I'M SCOTT WAPNER BACK WITH YET ANOTHER DEVELOPMENT IN THIS ONGOING SAGA INVOLVING J.C.PENNEY. EARLIER, I DESCRIBED IT AS A BAR ROOM BRAWL, WELL, OR A BOARDROOM BRAWL. AS TYPICALLY HAPPENS, YOU HAVE A PUNCH AND A COUNTERPUNCH. THE PUNCH COMING A FEW MOMENTS AGO FROM TOM ENGIBOUS, THE CHAIRMAN OF J.C. PENNEY'S BOARD WHO PUT OUT THAT STATEMENT THAT WE READ TO YOU JUST A SHORT TIME AGO SAYING THAT BILL ACKMAN'S STATEMENTS IN HIS TWO LETTERS HAVE BEEN MISLEADING,INACCURATE AND COUNTERPRODUCTIVE. NOW, BILL ACKMAN TELLING ME JUST A SHORT MOMENT AGO, "OUR LETTER IS ENTIRELY ACCURATE IN ALL RESPECTS. AND WE LOOK FORWARD TO MEETING WITH THE FULL BOARD TO DISCUSS THE FUTURE OF THE COMPANY." SO THAT IS BILL ACKMAN TO ME JUST A FEW MOMENTS AGO,AGAIN, "OUR LETTER IS ENTIRELY ACCURATE," HE SAYS, "IN ALL RESPECTS. WE LOOK FORWARD TO MEETING WITH THE FULL BOARD TO DISCUSS THE FUTURE OF THE COMPANY." THIS COMES NOW AS TWO LETTERS FROM MR. ACKMAN. HAVE GONE TO THE BOARD LATE YESTERDAY AFTERNOON, AFTER THE CLOSE OF BUSINESS ON WALL STREET. J.C. PENNEY STRUCK BACK AT MR. ACKMAN. THERE HAS BEEN A BIT OF ABACK AND FORTH HERE. EVEN HOWARD SCHULTZ OF STARBUCKS GETTING INVOLVED AT ONE POINT. IN THE FACT THAT MIKE ULLMAN, WHO IS THE CURRENT INTERIM CEO OF J.C.PENNEY – SITS ON THE STARBUCKS BOARD –AND HOWARD SCHULTZ STRUCK OUT YESTERDAY AT BILL ACKMAN AS WELL. SO, THIS BOARDROOM BRAWL, WHICH IS REALLY WHAT IT HAS BECOME, CONTINUES. AND THIS IS THE VERY LATEST FROM BILL ACKMAN.
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