How an Art Deal Between Ken Griffin, Ron Perelman and Larry Gagosian Ended Up in Court (Observer)
In the summer of 2020, one billionaire visited the Hamptons home of another to take a look at his collection of fine art—not an unusual occurrence in a seaside hotspot that attracts so many affluent New Yorkers. Ken Griffin, accompanied by mega art dealer Larry Gagosian, headed over to Ron Perelman’s 57-acre estate on an August afternoon to view two paintings for sale. While Griffin, founder of hedge fund Citadel, left without Cy Twombly’s painting Untitled (1971), he did buy Brice Marden’s Letter About Rock in a deal brokered by Gagosian Gallery and later purchased another Marden painting, River 4. And what should have been a simple acquisition for Griffin has since turned into a months-long legal battle over a 2018 fire at Perelman’s Hampton home.
Michael Jordan Sells Charlotte Hornets To Group Including J. Cole And Eric Church—As Team Is Now Worth 10x What He Paid For It (Forbes)
TOPLINE Michael Jordan sold his majority stake ownership of the Charlotte Hornets – the North Carolina NBA team he’s owned for more than a decade—to a group including a millionaire hedge fund manager and rapper J. Cole. Jordan sold to a group led by Gabe Plotkin, a hedge fund founder who already owns a minority stake in the Hornets, and Rick Schnall, a private equity firm president who owns a minority stake in the Atlanta Hawks, the NBA announced Friday.
Hedge Fund Manager Predicts $10 XRP if Ripple Wins SEC Lawsuit (Finbold.com)
Earlier this week, on June 13, the much-anticipated Hinman documents were revealed to the public, providing significant insights into an infamous 2018 speech held by Bill Hinman, the former division director at the US Securities and Exchange Commission (SEC). During the speech, Hinman said that Ethereum (ETH), the second-biggest cryptocurrency in the world, should not be considered a security. Two years later, the SEC filed a lawsuit against Ripple and its two executives, alleging they raised more than $1.3 billion through the sale of XRP in an unregistered security offering to investors.
Friday 6/16 Insider Buying Report: NEE, FIBK (Nasdaq.com)
On Wednesday, NextEra Energy’s CEO, John W. Ketchum, made a $1.01M purchase of NEE, buying 13,600 shares at a cost of $74.26 each. Ketchum was up about 2.6% on the purchase at the high point of today’s trading session, with NEE trading as high as $76.22 at last check today. NextEra Energy is trading up about 2.4% on the day Friday. Before this latest buy, Ketchum made one other buy in the past year, purchasing $1.01M shares for a cost of $78.33 a piece. And at First Interstate BancSystem, there was insider buying on Wednesday, by CEO Kevin P. Riley who purchased 13,150 shares at a cost of $26.06 each, for a total investment of $342,718. First Interstate BancSystem is trading off about 0.7% on the day Friday.
$10M Bet On GameStop? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
GameStop: The Trade: GameStop Corp. (GME) executive chairman Ryan Cohen bought a total of 443,842 shares at an average price of $22.53. To acquire these shares, it cost around $10 million. Cogent Biosciences: The Trade: Cogent Biosciences, Inc. (COGT) 10% owner Fairmount Funds Management LLC acquired a total of 800,000 shares an average price of $12.00. To acquire these shares, it cost around $9.6 million.
