Three Arrow Capital’s Zhu, Davies Subpoenaed in US Bankruptcy Case (Coin Desk)
A New York bankruptcy judge has agreed to issue subpoenas against the founders of Three Arrows Capital as liquidators seek to wind down the collapsed crypto fund. “The foreign representatives and their agents are authorized to serve subpoenas for the production of documents and testimony upon the founders, the investment managers and anyone else that might have information about Three Arrows’ affairs,” U.S. Bankruptcy Judge Martin Glenn for the Southern District of New York wrote in a court document published on Tuesday.
An Activist Investor Takes on BlackRock Over E.S.G. (The New York Times)
A hedge fund sees BlackRock’s embrace of E.S.G. principles as a distraction, and it wants the money-management giant’s C.E.O., Laurence Fink, to step down. BlackRock draws an activist investor who wants Fink out: In recent years, BlackRock has become one of the most prominent voices in support of investing in accordance with environmental, social and corporate governance – or E.S.G. – principles. That approach has drawn support from environmental activists, as well as growing political blowback, largely from Republican politicians and activists who accuse the firm of imposing progressive policies on state funds.
Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust (Bloomberg)
Fir Tree Capital Management is suing Grayscale Investments for information to investigate potential mismanagement and conflicts of interest at its $10.7 billion Bitcoin fund. The Grayscale Bitcoin Trust closed Monday at a 43% discount to the value of the Bitcoin it holds, in part because the firm issued many shares in the past few years and didn’t redeem any of them, according to a complaint filed Tuesday in Delaware Chancery Court.
Photo by Marga Santoso on Unsplash
Tor Svelland’s Fund Tops the Ranking (Hedge Nordic)
Stockholm (HedgeNordic) – One month to the end of the year, Svelland Global Trading Fund of Norwegian Tor A. Svelland takes the top spot in this year’s list of best-performing Nordic hedge funds. Svelland’s long/short equities- and commodities-focused strategy is up 45.2 percent so far in 2022 to take its annualized return since launching in August 2017 to 25 percent.
Competing in Markets is Tougher than the Olympics, Says market Maestro Ray Dalio (BusinessToday.in)
Ray Dalio, the Founder of the world,s largest hedge fund Bridgewater Associates, is one of the most important voices in global financial markets. TIME magazine lists him among the 100 most influential people on the planet, and he is widely known as the Steve Jobs of investing, such is the inventiveness he brought to fund management. In an exclusive interview with Business Today,s Global Business Editor Udayan Mukherjee, Dalio talks about the burning issues in the global economy today and warns of dire days ahead. Edited excerpts:
2 FAANG Stocks Billionaires Are Buying Hand Over Fist in a Nasdaq Bear Market (The Motley Fool)
Some wealthy hedge fund managers have been buying FAANG stocks throughout the year. This year has been tough for investors, to put it mildly. The Nasdaq Composite nosedived into the worst bear market of the decade, and the tech-heavy index is currently 30% off its high. But some billionaire hedge fund managers bought stocks throughout the downturn. For instance, Steven Cohen of Point72 Asset Management aggressively scooped up shares of Amazon (AMZN -0.31%), growing his position 14-fold since the end of 2021.
Thunderbird Responds – Voss Capital’s Refusal to Engage Risks Significant Value Destruction (The Buffalo News)
Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (Thunderbird or the Company) today set the record straight regarding a proxy fight instigated by Texas-based hedge fund Voss Capital LLC (“Voss”) in a misguided attempt to put Thunderbird up for sale. Thunderbird also corrects certain other factually inaccurate and misleading claims by Voss in its November 18, 2022 news release. Thunderbird hoped to avoid a distracting and value-destructive proxy fight. Over the last several weeks, Thunderbird engaged privately with Voss to avert an ugly, costly fight that will negatively impact all stakeholders. A proxy fight will be distracting to management, unsettling to the team, and could create unrest with buyers and customers.
Hedge Funds Hit With Redemptions (Institutional Investor)
Hedge funds have outperformed public markets but are now suffering from redemptions as investors find they are overweight alternatives. Hedge funds are experiencing high levels of redemptions from investors as their current allocation to alternatives stays well above their targets. Private equity is also suffering from the pressure of overallocation. In North America, the average investor allocation to hedge funds stands at 15.2 percent, more than three percentage points over the average target allocation of 11.9 percent, according to a Preqin report published on Tuesday.
Wednesday 12/7 Insider Buying Report: ERNA, GNTY (Nasdaq.com)
On Friday, Eterna Therapeutics’, Nicholas Jason Singer, made a $929,178 purchase of ERNA, buying 283,286 shares at a cost of $3.28 a piece. Singer was up about 93.0% on the buy at the high point of today’s trading session, with ERNA trading as high as $6.33 in trading on Wednesday. Eterna Therapeutics Inc is trading down about 2.9% on the day Wednesday. This purchase marks the first one filed by Singer in the past year. And on Monday, Director Richard W. Baker bought $741,054 worth of Guaranty Bancshares, buying 21,536 shares at a cost of $34.41 each. Before this latest buy, Baker bought GNTY on 12 other occasions during the past year, for a total cost of $1.18M at an average of $34.45 per share. Guaranty Bancshares is trading trading flat on the day Wednesday. So far Baker is in the green, up about 0.7% on their purchase based on today’s trading high of $34.66.
Microsoft, Motorola Solutions And These 3 Other Stocks Insiders Are Selling (Benzinga)
Microsoft: The Trade: Microsoft Corporation (MSFT) EVP, Chief Commercial Officer Judson Althoff sold a total of 24,144 shares at an average price of $254.27. The insider received around $6.14 million from selling those shares. Motorola Solutions: The Trade: Motorola Solutions, Inc. (MSI) Chairman and CEO Gregory Q Brown sold a total of 34,000 shares at an average price of $268.27. The insider received around $9.12 million from selling those shares.
