Hedge Fund Titans Pull Money From Funds for Huge Tax Bills (Bloomberg)
Hedge-fund billionaires were already struggling to keep investors from heading out the door. Then along came another problem: big tax bills. David Einhorn, John Paulson, Steve Cohen and other high-profile managers cumulatively owed billions of dollars to federal, state and local governments for taxes, thanks to a 2008 rule change tied to offshore holdings that gave them a decade to comply. To make the payments, they had to pull some of their own money from their funds.
Activist Jana Takes Pinnacle Foods Stake, May Push for Sale (Bloomberg)
Jana Partners, the activist fund run by Barry Rosenstein, disclosed a stake in Pinnacle Foods Inc. and is urging the packaged food manufacturer to explore a sale or another transactions in the frozen food space. The New York-based hedge fund and its partners own 9.5 percent of the food manufacturing company, according to a regulatory filing Thursday. Jana said in the filing that it believes Pinnacle is in a good position to consider consolidation given its strong position in the frozen foods industry. Jana said it may also discuss other issues with the company, including its cost structure, operations and board composition.
Luis Louro / shutterstock.com
Meet the Billionaire Investor Whose Advice Can Make You Really Rich (Maxim)
When Ray Dalio was eight years old, his jazz musician father, Marino Dallolio, moved the family from Jackson Heights, Queens, to Long Island. Like many kids, young Ray had a paper route and did odd jobs around the neighborhood, mowing lawns and shoveling snow for pocket money. When he was 12, he began caddying at a nearby golf club. The club’s membership included quite a few Wall Streeters, and having become interested in the market from what he’d overheard on the links, Ray bought 60 shares of Northeast Airlines with $300 he had managed to save. When Northeast subsequently became a takeover target, the stock tripled; by the time Ray graduated from high school, he had several thousand dollars invested in the stock market.
Och-Ziff So Messed Up Top Exec. Is Fleeing To The Comparative Calm Of Cryptocurrencies (DealBreaker)
Eighteen months ago, things didn’t look so good for Och-Ziff Capital Management. There was the bribery-so much bribery!-and the fallout thereof. There was the terrible performance, and the massive redemptions. Oh yea, and there were the early rumblings of a battle for control between firm founder Dan Och and his soon-to-be-designated successor and his son’s former waterskiing instructor, Jimmy Levin. Into this breach stepped OneWest Bank and Merrill Lynch veteran Alesia Haas as the embattled firm’s new CFO. And she helped turn things around. But then Och decided things were going too well and decided to blow up his deal with Levin. And, coincidentally or not, Haas is off to do her CFOing in the apparently more predictable and stable world of cryptocurrency exchange.
A Hedge Fund that has been Predicting Tesla will Crash within Months Just Got Even More Bearish (Business Insider)
A few weeks ago, we shared a note about Tesla from the hedge fund Vilas Capital Management. The firm, which is short the shares, said “Tesla is going to crash in the next 3-6 months.” I received an update from Vilas this morning explaining why they’re even more bearish on Tesla today. The firm pared its short positions after the recent selloff. And Telsa now comprises about 98% of their short book. Clearly Vilas thinks Tesla’s reckoning is imminent.
London-based Onslow Capital Calls Time on Emerging Markets Hedge Fund (Reuters)
LONDON, April 20 (Reuters) – British emerging markets-focused hedge fund Onslow Capital Management has closed after a long period of low volatility hit returns and assets fell below a sustainable level, it said in a letter to investors. The move by founder Nicolas Galperin to close after 11 years comes despite forecasts for markets to be more turbulent in the coming months as central banks shift their easy monetary policies, and follows the closure of Harmonic Capital Partners in February for a similar reason.
Insider Selling: Twitter Inc. (NYSE:TWTR) Director Sells 539,027 Shares of Stock (TheLincolnianOnline.com)
Twitter Inc. (NYSE:TWTR) Director Evan Clark Williams sold 539,027 shares of the business’s stock in a transaction that occurred on Wednesday, April 11th. The shares were sold at an average price of $29.00, for a total transaction of $15,631,783.00. Following the transaction, the director now owns 2,074,330 shares of the company’s stock, valued at approximately $60,155,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Insider Buying: Evans & Sutherland (OTCMKTS:ESCC) Major Shareholder Acquires 70,719 Shares of Stock (MaconDaily.com)
Evans & Sutherland Computer Corp (OTCMKTS:ESCC) major shareholder Peter R. Kellogg acquired 70,719 shares of the stock in a transaction dated Wednesday, April 11th. The shares were bought at an average price of $1.36 per share, with a total value of $96,177.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Buying: Tel Instrument Elect (NYSEAMERICAN:TIK) Major Shareholder Buys 10,820 Shares of Stock (RegistrarJournal.com)
Tel-Instrument Electronics Corp. (NYSEAMERICAN:TIK) major shareholder Vincent J. Dowling, Jr. purchased 10,820 shares of the firm’s stock in a transaction that occurred on Monday, April 9th. The stock was acquired at an average price of $2.22 per share, for a total transaction of $24,020.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Insider Buying: pdvWireless (PDVW) Major Shareholder Purchases $1,685,867.11 in Stock (MaconDaily.com)
pdvWireless Inc (NASDAQ:PDVW) major shareholder Owl Creek Asset Management, L. acquired 56,327 shares of the firm’s stock in a transaction on Monday, April 16th. The stock was purchased at an average price of $29.93 per share, with a total value of $1,685,867.11. The transaction was disclosed in a document filed with the SEC.
Insider Buying: New Media Inv Group (NEWM) CEO Buys 25,000 Shares of Stock (RegistrarJournal.com)
New Media Inv Group (NYSE:NEWM) CEO Michael Reed purchased 25,000 shares of New Media Inv Group stock in a transaction dated Tuesday, April 10th. The shares were purchased at an average price of $16.45 per share, for a total transaction of $411,250.00. Following the completion of the acquisition, the chief executive officer now owns 270,361 shares of the company’s stock, valued at approximately $4,447,438.45. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Insider Buying: Insignia Systems, Inc. (NASDAQ:ISIG) Major Shareholder Acquires 20,198 Shares of Stock (TheLincolnianOnline.com)
Insignia Systems, Inc. (NASDAQ:ISIG) major shareholder Air T. Inc purchased 20,198 shares of the firm’s stock in a transaction dated Wednesday, April 4th. The stock was acquired at an average cost of $1.65 per share, for a total transaction of $33,326.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission.
Insider Selling: Cowen Group (COWN) Director Sells 12,000 Shares of Stock (WeekHerald.com)
Cowen Group (NASDAQ:COWN) Director Peter A. Cohen sold 12,000 shares of Cowen Group stock in a transaction that occurred on Thursday, April 12th. The shares were sold at an average price of $14.53, for a total value of $174,360.00. Following the completion of the sale, the director now directly owns 881,877 shares in the company, valued at approximately $12,813,672.81. The sale was disclosed in a document filed with the SEC.
