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.
Legendary Hedge Fund Lone Pine Posts First Quarter Loss (Institutional Investor)
The Tiger Cub experienced mixed results from its largest long positions. Lone Pine Capital has gotten off to a rough start this year.In the first quarter of 2021, the Tiger Cub founded by Stephen Mandel, Jr. suffered a 10 percent loss in its Lone Cypress long-short fund, as well as a 2 percent loss in its long-only fund, Lone Cascade, according…
Bard Is Driving Toward a $1 Billion Endowment with Soros Donation (AI-CIO.com)
Bard College could be the next $1 billion university endowment if it can match a $500 million grant from billionaire investor George Soros within the next five years. It has already raised $250 million toward that goal. Until then, a Bard spokesman said the $500 million commitment from the Hungarian-born American investor will be held in his Quantum hedge funds, governed by Soros Fund Management, his family office. It is among the largest grants ever given to a higher education institution.
Truly Nordic Hidden Gems (Hedge Nordic)
Stockholm (HedgeNordic) – Making money in the stock market sometimes involves going places everybody else is neglecting or outright avoiding. Places such as an unloved company getting its house back in order or a small, little-known company with significant upside potential. Staffan Östlin and his co-portfolio manager Johan Eriksson are focused on finding undiscovered and unloved gems among smaller companies in the Nordics for Adrigo Small & Midcap L/S. Since launching the stock-picking hedge fund back in late 2017, Östlin has found plenty of such gems.
Former CFO Of Badly-Run Company To Become CEO Of Badly-Run Company Hunter (Deal Breaker)
Carl Icahn needs someone who can smell bad governance and also tolerate 99% humidity. When most hedge funds pack things up and move to Miami, the Sunshine State becomes merely an option for its employees, who generally remain free to continue working from offices in Manhattan or Greenwich or their homes. Not so Icahn Enterprises: Those unwilling the move to America’s worst state with Uncle Carl were free to stay in New York and go on the dole.
Tuesday 4/6 Insider Buying Report: CTOS, HQI (Nasdaq.com)
At Custom Truck One Source, a filing with the SEC revealed that on Thursday, Director Mark Ein bought 1,000,000 shares of CTOS, for a cost of $5.00 each, for a total investment of $5M. So far Ein is in the green, up about 94.8% on their buy based on today’s trading high of $9.74. Custom Truck One Source is trading up about 4.6% on the day Tuesday. This buy marks the first one filed by Ein in the past year. And at HireQuest, there was insider buying on Thursday, by Lawrence F. Hagenbuch who bought 4,500 shares for a cost of $17.22 each, for a total investment of $77,490. Before this latest buy, Hagenbuch bought HQI on 2 other occasions during the past year, for a total investment of $121,133 at an average of $7.38 per share. HireQuest is trading trading flat on the day Tuesday. Hagenbuch was up about 8.9% on the buy at the high point of today’s trading session, with HQI trading as high as $18.75 at last check today.
Telos Corp (TLS) EVP, COO Edward L Williams Sold $26.8 million of Shares (Guru Focus)
EVP, COO of Telos Corp, Edward L Williams, sold 812,959 shares of TLS on 04/01/2021 at an average price of $33 a share. The total sale was $26.8 million. Telos Corp is an information technology company. The company, together with its subsidiaries, is engaged in designing and providing technologies to deliver solutions that empower and protect the enterprises.
The CMO of Five Below (NASDAQ: FIVE) is Selling Shares (Analyst Ratings)
Yesterday, the CMO of Five Below (FIVE), Michael Romanko, sold shares of FIVE for $473.3K. Following Michael Romanko’s last FIVE Sell transaction on March 30, 2021, the stock climbed by 5.1%. In addition to Michael Romanko, one other FIVE executive reported Sell trades in the last month.
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