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.
SFC Fines Hedge Fund HK$400K for Breaching Liquidity Rules (Opalesque)
The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined KTF Capital Management Limited (KTFCM) HK$400,000 (US$51,000) for failures to comply with the Securities and Futures (Financial Resources) Rules (FRR), a liquidity regime. The SFC found that KTFCM failed to maintain its required liquid capital of approximately HK$2.8m between 13 and 18 December 2018 and notify the SFC when it became aware of its inability to comply with the financial resources requirements. On 13 December 2018, KTFCM subscribed, on a proprietary trading basis, for the shares of Fosun Tourism Group upon its IPO on Hong Kong’s Stock Exchange.
Invesco’s AUM Falls 10.6% in Quarter, Down 8.8% for Year (Pensions&Investments)
Invesco reported assets under management of $1.39 trillion as of June 30, down 10.6% from three months earlier, and down 8.8% from a year earlier, said a news release Wednesday. Net market losses and foreign-exchange rate movements reduced AUM by $142.3 billion and $19.7 billion, respectively, in the second quarter. Invesco posted net long-term outflows of $6.8 billion in the second quarter — the first net long-term outflows recorded by the firm in two years — compared with net inflows of $17.2 billion in the first quarter, and net inflows of $31.1 billion in the second quarter of 2021.
Thursday 7/28 Insider Buying Report: HCCI, UAL (Nasdaq.com)
On Wednesday, Heritage-Crystal Clean’s CEO, Brian Recatto, made a $4.05M buy of HCCI, purchasing 150,000 shares at a cost of $27.00 a piece. So far Recatto is in the green, up about 22.2% on their buy based on today’s trading high of $33.00. Heritage-Crystal Clean is trading up about 4.9% on the day Thursday. And at United Airlines Holdings, there was insider buying on Tuesday, by Director Edward Shapiro who bought 50,000 shares at a cost of $35.74 each, for a trade totaling $1.79M. Before this latest buy, Shapiro bought UAL on 2 other occasions during the past twelve months, for a total cost of $4.12M at an average of $41.20 per share. United Airlines Holdings is trading down about 1.9% on the day Thursday.
Insiders Selling Snap, Domino’s Pizza And 2 Other Stocks (Benzinga)
Snap: The Trade: Snap Inc. (SNAP) Chief Technology Officer Robert Murphy sold a total of 1,167,374 shares at an average price of $9.80. The insider received around $8.82 million from selling those shares. AutoNation: The Trade: AutoNation, Inc. (AN) 10% owner Edward S Lampert sold a total of 221,989 shares at an average price of $112.43. The insider received around $24.96 million as a result of the transaction.
Whistleblower Says Coinbase has ‘Insider Trading’ Problem, Calls Out Inaction (Finbold)
After three people got arrested for cryptocurrency insider trading following a tip by a Twitter (NYSE: TWTR) user, the person responsible for their arrests believes there’s a larger problem that remains unaddressed, which, according to him, is the lack of action by the cryptocurrency exchange where it all happened – Coinbase. Talking to a YouTube investigator Coffeezilla, known for exposing several scams related to cryptocurrencies, the Twitter tipster who goes under the handle Cobie expressed disappointment at how things have been handled and that people were perhaps focusing on the wrong issue, as he said in the video interview published on July 27.
