Loews Wins Appeal Over $690 Million Damages Award to Hedge Fund (Bloomberg)
Loews Corp. persuaded the Delaware Supreme Court to toss a $690 million damages award to affiliates of New York hedge fund Bandera Partners LLC, who claimed they were squeezed out of an oil-pipeline partnership. The state’s highest court rule Monday that the Delaware judge erred in finding Loews breached a 2018 deal by using an improper pretext to buy out the other investors in Boardwalk Pipeline Partners LLP at a bargain price.
Activist Palliser Capital Demands Shake-Up at Capricorn Energy Over Sale Plan (The Times)
A leading investor in Capricorn Energy is attempting to oust almost all of the oil company’s board in protest at a proposed merger it has called “a quick sale at the wrong price”. Palliser Capital, a hedge fund that owns almost 7 per cent of the FTSE 250 group’s shares, has requisitioned an emergency general meeting to seek the removal of seven of the nine directors including Simon Thomson, the chief executive, who has led the company for more than a decade.
A Hedge Fund Manager Who’s Up Over 39% This Year Says These 6 Cheap Stocks are Well-Positioned to Survive Another Bear Market in 2023 (Business Insider)
Hedge fund manager Charles Lemonides is up 39% this year through November. Sticking with value stocks has been his key to success in recent years. Here are six undervalued stocks that Lemonides is bullish on right now. Unlike most fund managers, Charles Lemonides has dominated in 2022. Well-placed bets on winning stocks and against losing ones have helped his hedge fund, the ValueWorks Long Biased Composite, rise 39.4% after fees through November. Meanwhile, its benchmark — the Barclay Equity Long Bias Index — is down 11.3% year-to-date.
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Hedge Fund Coliseum Capital Joins Universal Technical Institute’s Shareholder Register With $1.35 Million Investment (Nasdaq.com)
Connecticut based hedge fund Coliseum Capital revealed this week that it bought 216,719 Universal Technical Institute (US:UTI) shares at an average of $6.24 per share or a total of $1.35 million. The transaction follows Universal’s strong fourth quarter earnings update and related share volatility. The average price was a roughly 20% discount to UTI’s price at the beginning of the year and significantly below its 52 week high above $11. UTI is a workforce educational training provider for the transportation and health care industries and operates 16 campuses in 9 states. The company sports a $220 million market capitalization and trades at 17 times trailing 12 month earnings.
Rhenman & Partners Boosts Biopharma Expertise (Hedge Nordic)
Rhenman & Partners is expanding its five-person investment team with the hiring of Amennai Beyeen as a biopharma analyst. He joins from global healthcare company Novartis. “We are very happy to welcome Amennai to Rhenman & Partners,” says Henrik Rhenman, co-founder and CIO at Rhenman & Partners. “Amennai’s strong background and competence from the world of research, and his experience of pharmaceutical companies where he has been able to closely follow processes from idea to finished product make him a very good addition to our investment team.”
Michigan Business Mogul Launches High Performing Hedge Fund (GlobeNewswire)
Shannon Steel launches a new hedge fund, Steel Capital Management LTD which targets returns of 3-5%+ per month. The newly appointed U.S Central African Republic Ambassador has taken to the world of investment management as a hedge fund manager seeking to generate great returns for investors based in the U.S and internationally.
Milwaukee Bucks Co-Owner Backs Lyon Football Club Takeover (Bloomberg)
Jamie Dinan, hedge fund manager and co-owner of the Milwaukee Bucks basketball team, has become the latest US investor to venture into European football. Iconic Sports, an investment firm co-run by Dinan, backed John Textor’s purchase of French football club Olympique Lyonnais, according to a statement on Tuesday. Iconic will take a stake in Eagle Football Holdings LLC, the investment vehicle through which Textor is buying the Ligue 1 team.
With Sam Bankman-Fried’s Hedge Fund Gone, Crypto Trading Firm Wintermute Emerges (Forbes)
Evgeny Gaevoy was contemplating what to do if terraUSD (UST), a cryptocurrency stable coin pegged to the value of one U.S. dollar, imploded. UST had about $15 billion in circulating coins, and its parent company was backed by highly regarded investors like Lightspeed Venture Partners. But as early as 2021, a small set of people had been tweeting about its potential demise, saying that algorithm-based stable coins not backed by government-issued currencies were doomed to fail.
Paris-based multi-boutique network iM Global Partner buys stake in $4bn Berkshire Asset Management (Opalesque)
Paris-based multi-boutique network iM Global Partner has bought a non-controlling stake in Berkshire Asset Management, a Wilkes-Barre, Pennsylvania, boutique that specializes in dividend-focused equity portfolios through its flagship Dividend Growth strategy. The transaction will make Berkshire the ninth partner of iM Global Partner, a global asset management network, according to a news release. The investment advisor Berkshire was formed in 1986 and is employee-owned. The team prides itself on its exacting investment philosophy and process and focuses on identifying perennial dividend growers before they are fully recognized by the market, using a forward-looking, bottom-up selection process.
Hedge Funds Decline To Continue To Delight In Citi’s Stupidity (Deal Breaker)
Well, it was fun while it lasted: For two years, a group of hedge funds had a half-billion extra dollars to play with while pretending they could not possibly have any idea that Citigroup hadn’t meant to send them all of the money they were owed by a seriously underwater company instead of a routine coupon payment. Then, back in September, a federal appeals court found that the hedge funds’ argument was cute – indeed, nearly cute enough to win, but ultimately too cute, and obviously they had to return money they’d have to have been braindead to believe really belonged to them.
Monday 12/19 Insider Buying Report: GBLI, OSG (Nasdaq.com)
On Wednesday, Global Indemnity Group’s Director, Gary Charles Tolman, made a $3.34M buy of GBLI, purchasing 138,151 shares at a cost of $24.17 a piece. Investors have the opportunity to grab GBLI even cheaper than Tolman did, with the stock changing hands as low as $23.46 in trading on Monday — that’s 2.9% under Tolman’s purchase price. Global Indemnity Group is trading trading flat on the day Monday. Before this latest buy, Tolman purchased GBLI at 8 other times during the past twelve months, for a total cost of $187,881 at an average of $23.94 per share. And at Overseas Shipholding Group, there was insider buying on Thursday, by CEO Samuel H. Norton who purchased 350,000 shares for a cost of $2.92 each, for a trade totaling $1.02M. Before this latest buy, Norton bought OSG on 3 other occasions during the past twelve months, for a total investment of $319,996 at an average of $1.98 per share.
Boyd Gaming, Hewlett Packard Enterprise And These 2 Other Stocks Insiders Are Selling (Benzinga)
Airbnb: The Trade: Airbnb, Inc. (ABNB) Director Joseph Gebbia sold a total of 250,000 shares at an average price of $95.37. The insider received around $23.84 million from selling those shares. Boyd Gaming: The Trade: Boyd Gaming Corporation (BYD) Co-Executive Chair William S Boyd sold a total of 190,000 shares at an average price of $58.90. The insider received around $11.19 million as a result of the transaction.
