The Vulture Fund that Picked American Newspapers Apart has a New Target (CJR.org)
It’s late November, and nighttime temperatures have dropped below freezing in Christiansburg, Virginia, a town tucked in a valley between Blacksburg and the Blue Ridge Mountains. Sarah Rupp, an aide at Belview Elementary School, learned from a kindergartner’s grandparent that eviction notices were being posted at Massie’s Mobile Home Park, the only low-income housing in town. The modest manufactured homes, arranged in neat rows, are tidy but mostly aging. Some are sided with corrugated metal. Some – though they’re called mobile – appear nearly impossible to move.
Heavyweight Hedge Fund Arca Joins Activist Fight Against DAO Builder Aragon (CoinDesk)
Cryptocurrency investment fund Arca called on DAO builder Aragon to conduct buybacks of its ANT token in an open letter Tuesday, adding institutional weight to the activist investor row currently besieging the crypto governance startup. “We are planning to work with other tokenholders to propose that Aragon continue the buybacks to return ANT to book value,” wrote researcher Alex Woodard in the letter, referring to the discrepancy between the value of ANT and the size of Aragon’s warchest.
Hedge Funds Post Gains in April as Managers Navigate Banking Turmoil (Hedge Week)
Hedge funds posted gains in April as managers navigated the banking turmoil and volatility that accelerated throughout the month and extended into May with the closure and distressed acquisition of First Republic Bank, according to HFR. The HFRI 500 Fund Weighted Composite Index was up an estimated +0.4% for the month with performance gains led by Macro strategies. The HFRI Fund Weighted Composite Index (FWC) also gained an estimated +0.4% for the month, led by Macro and Equity strategies.
Tuesday 5/9 Insider Buying Report: CZR, YTEN (Nasdaq.com)
On Friday, Caesars Entertainment’s Director, Michael E. Pegram, made a $1.13M purchase of CZR, buying 25,000 shares at a cost of $45.02 a piece. Caesars Entertainment is trading trading flat on the day Tuesday. Before this latest buy, Pegram made one other purchase in the past twelve months, buying $1.12M shares for a cost of $44.74 a piece. And at Yield10 Bioscience, there was insider buying on Friday, by Jack W. Schuler who bought 335,570 shares for a cost of $2.98 each, for a trade totaling $999,999. This purchase marks the first one filed by Schuler in the past twelve months. Yield10 Bioscience is trading up about 0.2% on the day Tuesday. So far Schuler is in the green, up about 9.4% on their buy based on today’s trading high of $3.26.
Insiders Selling Zoom Video Communications, Bristol-Myers Squibb And This Footwear Manufacturer (Benzinga)
Zoom Video Communications: The Trade: Zoom Video Communications, Inc. ZM Chief Operating Officer Aparna Bawa sold a total of 10,500 shares at an average price of $61.42. The insider received around $644.87 thousand from selling those shares. Bristol-Myers Squibb: The Trade: Bristol-Myers Squibb Company (BMY) EVP & President, Research Rupert Vessey sold a total of 50,385 shares at an average price of $67.06. The insider received around $3.38 million from selling those shares.
