On July 16, 2019, Asset Value Investors Limited announced that it has sent a letter to Anne Farlow, the Chairman of Pershing Square Holdings, following the announcement that the Company plans to issue $400m of twenty-year debt. Asset Value Investors stated that the issue of such long-dated debt materially constrains the Board's ability to manage the Company's persistently wide discount to NAV, at a time when doing so should be the Company’s primary focus.