A London Hedge Fund Wants Its Money Back From Ukraine (The Wall Street Journal)
Ukraine is fighting for its survival and is desperate for cash, but that isn’t deterring London hedge-fund manager Richard Deitz from demanding money back from an ill-fated investment there. Mr. Deitz’s VR Capital has a long history of making money in countries going through upheaval. His fund paid $123 million in 2019 to buy distressed loans issued by state-owned Ukrainian Railways, hoping they could work out a repayment and get a double-digit return. But in May the Ukrainian government seized the investment as part of its sweep to nationalize Russian assets within its borders.
Elliott’s PayPal Plan Comes with a Variety of Scenarios (Axios)
Elliott Management‘s reported pursuit of changes at PayPal creates a variety of scenarios. With details still scant, Axios looks at what may come next. Why it matters: Elliott’s size ($50 billion plus in AUM) and expertise (and intensity) means some kind of changes will occur at PayPal (for better or worse) once the ownership stake becomes public. Of note: Beyond some kind of revived deal scenario around Pinterest, which we discussed yesterday, another outcome could also involve PayPal succession planning.
Rishi Sunak Faces Questions Over Whether He Exaggerated his Work at Hedge Funds in the City (INews.co.uk)
Sunak’s time at The Children’s Investment fund has led to questions about his role at the company. Rishi Sunak is facing questions about whether he exaggerated his work at hedge funds during his career outside politics, as his record comes under scrutiny. The former Chancellor has championed his business career as an example of his success outside of politics, and why he should become the next Prime Minister. Following a stint at Goldman Sachs as an analyst, Sunak joined The Children’s Investment Fund (TCI fund) a multibillion-pound hedge fund on the company’s Investment and Business team.
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PlantX Life Shares Soar After Company Receives C$0.68 Price Target from Hedge Fund Capital Y Management (Proactive Investors)
Capital Y Management analysts set a 12-month price target of C$0.67 per share for the company, representing an enterprise value for PlantX Life of approximately C$68 million. PlantX Life Inc shares soared on Wednesday after a report by New York-based hedge fund Capital Y Management described the company as “a market leader with a disruptive business in an emerging industry with long-term tailwinds.” In a press release, PlantX highlighted the report in which Capital Y Management analysts set a 12-month price target of C$0.67 per share for the company, representing an enterprise value for PlantX of approximately C$68 million.
Three Arrows Liquidators May Try to Force Founders to Cooperate (Bloomberg)
Liquidators overseeing the wind-down of Three Arrows Capital may soon try to force founders Kyle Davies and Su Zhu to help clean up the mess left behind by the crypto hedge fund’s collapse. Zhu and Davies have so far provided “rather selective and piecemeal disclosures” about the fund’s assets, attorney Adam Goldberg said on behalf of the liquidators in a bankruptcy hearing Thursday. Without further cooperation, lawyers will try to compel the founders to turn over more information with assistance from US Bankruptcy Judge Martin Glenn, he said.
