In 2004[1], with $54 million from his personal funds and from his former business partner Leucadia National, Ackman started Pershing Square Capital Management.[2] In 2005, Pershing bought a significant share in the fast food chain Wendy's International and successfully pressured it to sell its Tim Hortons doughnut chain. Wendy's spun off Tim Hortons through an IPO in 2006 and raised $670 million for Wendy's investors. After a dispute over executive succession that led Ackman to sell his shares at a substantial profit, the stock price collapsed, raising criticism that the sale of Wendy's fastest-growing unit left the company in a weaker market position.