Bed Bath & Beyond Terminates Hudson Bay Deal, Turns to Market To Raise $300 Million (The Wall Street Journal)
Bed Bath & Beyond Inc. said that it had terminated its fundraising deal with hedge fund Hudson Bay Capital Management LP and instead launched an effort to sell up to $300 million of common stock in the open market. The troubled retailer is looking for cash to keep itself afloat and avoid bankruptcy as its sales erode and it closes hundreds of stores. The new financing plan comes less than two months after the deal with Hudson Bay was supposed to fund its operations for the year.
Citadel to Resume Hedge Fund Business in Japan With Tokyo Office (Bloomberg)
Ken Griffin’s hedge fund firm Citadel is planning to set up a team in Tokyo, returning to Japan more than a decade after it shuttered operations there during the global financial crisis, according to a person familiar with the matter. The company is applying for an investment management license to operate a hedge fund in the country and seeking to tap local talent, the person said, asking not to be named because the matter is private. Citadel has yet to decide when the office will open, the person added.
Three Arrows Capital’s Kyle Davies Ordered to Respond to Subpoena Within 2 Weeks (CoinDesk)
Three Arrows Capital (3AC) founder Kyle Davies has two weeks to respond to a subpoena pertaining to the books and records of the bankrupt hedge fund, according to a ruling in U.S. bankruptcy court. Davies and fellow 3AC co-founder Su Zhu have previously been accused of refusing to engage in proceedings for the firm’s bankruptcy. “[Davies and Zhu] have made only selective and piecemeal disclosures … Refusal to cooperate violates their duties owed to Three Arrows,” said the hedge fund’s liquidators, Russell Crumpler and Christopher Farmer, in a court filing on Feb. 8.
Michael Burry of ‘Big Short’ Fame Says He was ‘Wrong’ to Tell Investors to ‘Sell’ (Morningstar)
Michael Burry, the hedge-fund manager at Scion Asset Management made famous by Michael Lewis’s book “the Big Short,” said in a Thursday tweet that he was “wrong” to tell investors to sell stocks two months ago. Burry issued a one-word tweet on Jan. 31 advising his followers to “sell.” While he didn’t elaborate, MarketWatch’s Steve Goldstein noted at the time that it wasn’t hard to fill in the blanks.
Corporate Agitator Ackman Tells US to Raise FDIC Insurance Limit to Shore Up Confidence (Reuters)
Billionaire investor William Ackman who spent years telling corporations how to perform better is now taking on the U.S. government by calling for higher insurance limits to safeguard the banking system at the height of a banking crisis. Ackman, who runs hedge fund Pershing Square Capital Management, sent a letter to his investors saying the FDIC should raise its $250,000 per account limit days after U.S. regulators took over Silicon Valley Bank and Signature Bank, triggering a crisis in U.S. regional banks.
Hedge Fund Titan Israel Englander Pays $1 Billion to Ex-Wife Who Left Him for a Woman (PageSix.com)
A divorce that scandalized Manhattan society has been quietly settled for more than a billion dollars, Page Six has exclusively learned. Billionaire hedge fund manager Israel Englander — one of the world’s richest men — has agreed to pay former wife Caryl upwards of $1 billion after she left him for a woman following more than 40 years of marriage. The divorce settlement comes after Caryl, 69, filed an astonishing civil lawsuit alleging the 74-year-old Millennium Management co-founder — who is worth $11.3 billion, according to Forbes — “became enraged” when she “fell in love” with Swiss gallerist Dominique Levy, 55.
Hedge Fund Management Fee Market Is Booming Worldwide : Renaissance Technologies, Blackrock Advisors, Elliott Investment Management (OpenPR.com)
The Latest Released Hedge Fund Management Fee market study has evaluated the future growth potential of Hedge Fund Management Fee market and provides information and useful stats on market structure and size. The report is intended to provide market intelligence and strategic insights to help decision makers take sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report also identifies and analyses changing dynamics, emerging trends along with essential drivers, challenges, opportunities and restraints in Hedge Fund Management Fee market. The study includes market share analysis and profiles of players such as Blackrock Advisors LLC (United States), AQR Capital Management (United States), Bridgewater Associates (United States), Renaissance Technologies (United States), Man Group (United Kingdom), Elliott Investment Management (United States), Two Sigma Investments (United States), Millennium Management LLC (United States), Davidson Kempner Capital Management (United States) and Citadel LLC (United States).
Latest Portfolio Moves By Berkshire Hathaway And Other Hedge Funds (Newstrail.com)
Tracking the latest investment portfolio of legendary hedge fund managers and investors is often used as a gauge by DIY traders and investors to make decisions. Some of the most notable investors people love to track include Warren Buffet and his holding company Berkshire Hathaway, or Black Rock, Ray Dalio and his hedge fund Bridgewater Associates, Man Group and numerous others. Although there are ways to determine which U.S. publicly traded companies anyone invests in, it often happens that they seek permission from the SEC to temporarily withhold such data – and when these requests are granted by the SEC, there is a time lag between the trades and when the public finds out.
Thursday 3/30 Insider Buying Report: KSS, INZY (Nasdaq.com)
At Kohl’s, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Thomas Kingsbury purchased 92,500 shares of KSS, for a cost of $21.82 each, for a total investment of $2.02M. So far Kingsbury is in the green, up about 11.4% on their purchase based on today’s trading high of $24.30. Kohl’s is trading up about 5.6% on the day Thursday. This buy marks the first one filed by Kingsbury in the past year. And on Tuesday, Director Robert Lorne Hopfner bought $841,063 worth of Inozyme Pharma, buying 207,840 shares at a cost of $4.05 each. Before this latest buy, Hopfner made one other buy in the past year, purchasing $3.95M shares for a cost of $3.69 each. Inozyme Pharma is trading down about 3.1% on the day Thursday. Hopfner was up about 28.7% on the purchase at the high point of today’s trading session, with INZY trading as high as $5.21 in trading on Thursday.
$216M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Occidental Petroleum: The Trade: Occidental Petroleum Corporation (OXY) 10% owner Warren E Buffett acquired a total of 3,666,714 shares an average price of $58.98. To acquire these shares, it cost around $216.24 million. RE/MAX Holdings: The Trade: RE/MAX Holdings, Inc. (RMAX) 10% owner Magnolia Group LLC acquired a total of 63,755 shares at an average price of $17.34. To acquire these shares, it cost around $1.11 million.
