Marc Lasry, Jill Ellis Joining Topps Board as Michael Eisner Strikes SPAC Deal (Sportico)
Card collectors have been bidding up Topps cards to record heights over the past year. Now, Michael Eisner and hedge fund manager James Mudrick are planning to allow stock investors the same chance with Topps itself; the duo have inked a deal to bring the collectibles business public in a $1.3 billion SPAC deal. A blank check business, Mudrick Capital Acquisition Corp. II, is bringing public Eisner’s closely held Topps in a deal that includes up to $571 million in cash.
Credit Suisse Takes $4.7 Billion Hit on Archegos Meltdown (The Wall Street Journal)
Credit Suisse Group AG reported a $4.7 billion hit from the meltdown of Archegos Capital Management, slashed its dividend and said its investment banking and risk chiefs would leave the bank. The Swiss lender has been the hardest hit by the collapse late last month of Archegos, a U.S. family investment firm, suffering a major loss in its unit that services hedge funds. The Archegos crisis emerged just weeks after Greensill Capital, a U.K. finance firm that was deeply entangled with Credit Suisse, filed for insolvency and left the bank on the hook for losses.
Citadel Gets the Spotlight (Bloomberg)
For the world of finance, it was must-watch TV. A U.S. congressional committee summoned an odd assortment of Wall Street characters to testify about a saga that captured so much public attention it was discussed on Good Morning America. How did amateur traders, billionaire hedge fund managers, social media posts, and an opaque market structure fuel a dizzying surge, and sudden crash, in the shares of video game retailer GameStop Corp.?
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Feds Urge Reversal of Former Hedge Fund Partners’ Convictions (Reuters)
Manhattan federal prosecutors have asked a federal appeals court to reverse the fraud convictions of two former partners at New York-based hedge fund Deerfield Management Co LP and others over a scheme to trade on leaks about pending healthcare regulatory changes in the United States. In a brief filed on Friday, prosecutors wrote that under the U.S. Supreme Court’s ruling last year in U.S. v. Kelley, information from the U.S. Centers for Medicare and Medicaid Services (CMS) could not be considered property under the fraud and conversion statutes, and urged the 2nd U.S. Circuit Court of Appeals to reverse the defendants’ convictions on eight counts of fraud and misappropriating government property.
Artist Capital appoints Managing Director and Director (Hedge Week)
Artist Capital, a strategic capital partner to hedge funds, private equity firms and real estate investment managers, has appointed Ramesh Parameswar as Managing Director and Patrick Neuman as Director. In addition to these new hires, and in recognition of their contribution to the strong growth of the firm, Denise Sadowski, Evan Kerr and Brett Kasner have been appointed as Partners. These appointments follow a significant milestone for Artist Capital, with the firm having organized over USD4 billion for clients across broad range of alternative asset classes, with the majority of growth occurring during the last five years.
Singapore Hedge Fund Targets Billions for Trade Finance (Bloomberg)
A Singapore hedge fund that’s posted steady gains by financing commodity trades in everything from rice to cashews, is working with a global business group to help finance billions of dollars in transactions for small firms. TradeFlow Capital Management Pte has reached an agreement with the International Chamber of Commerce in France to start a new fund for small companies carrying out physical commodity trades, according to a statement.
