Reported after the market close, early by CNBC, Valeant Pharmaceuticals (VRX) just lost Ackman as a shareholder. The news comes a week after the company posted Q4 results. That analysis on the post-earnings drop is here.The goodAckman’s record in 2016 is not great. His fund lost ~20 percent. VRX is a percentage of total holdings is not meaningful. Without an activist shareholder on board, VRX management is not under any immediate pressure to turn the business around.The badA lack of urgency from management to strengthen the core business hurts current shareholders. Salix or B+L are big holdings but VRX cannot run both of them well. One of the units must go yet sales must increase before the asset fetches a good price.Pershing Square said: "At its current market value, the Valeant position represented 1.5% to 3% of the various Pershing Square funds; however, the investment required a disproportionately large amount of time and resources."Labelling for Siliq:The Bottom lineVRX already lost Ackman 95 percent of his investment. Should contrarian VRX bulls buy the stock? Betting against CMG and long HLF worked. Looking ahead, Ackman’s sale shakes out a weak hand. The bond refinancing does buy VRX time but the company must ramp up sales of its new products early. 2 – 3 years comes fast, especially when there is a bill of debt owed in that time.