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Pershing's Bill Ackman has increased his stake in Wendy's (WEN).
In a just released SEC filing, Pershing is now the beneficial owner of 55 million shares of Wendy's, up from 12 million at the end of June

From the filing:
A. Pershing Square Capital Management, L.P.
(a) May be deemed to have beneficially owned: 55,619,748 shares of Class A Common Stock.
(b) Percent of class: 11.91%. The percentages used herein and in the rest of Item 4 are calculated based on the pro forma calculation of 466,914,000 shares of Class A Common Stock outstanding as of June 29, 2008 as reported in the Company’s Form S-4/A, filed on August 15, 2008.
(c) Number of shares as to which such person may be deemed to have:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 55,619,748
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 55,619,748