Och-Ziff Lures Cash With CLOs as Its Hedge Fund Clients Flee (Bloomberg)
Och-Ziff Capital Management Group LLC succeeded in pulling in fresh capital for a second straight quarter, but the cash didn’t come from their hedge funds — which keep losing money. Net inflows of $1.2 billion came from issuing collateralized loan obligations in the period ended June 30, the New York-based firm said in a statement Thursday. The hedge fund business — where billionaire Dan Och’s firm generates most of its fees — saw $367 million in withdrawals from its multistrategy funds and another $51 million from its credit funds.
Einhorn Reinsurer to Borrow Cash for Buybacks After Stock Slump (Bloomberg)
Greenlight Capital Re Ltd., the reinsurer where David Einhorn oversees investments, plans to borrow $100 million to buy back equity after the stock lost more than a quarter of its value this year. The company will offer convertible notes due 2023, according to a regulatory filing Thursday. The securities are being offered through a private sale and Greenlight Capital Re said it plans to repurchase up to one million Class A shares.
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Tesla Share Spike Deals Short-sellers a $1.1-billion Loss (Reuters)
Tesla’s rapid cash burn and struggles at turning a profit have made it a favorite target for shorts, including some big names such as Jim Chanos, head of Kynikos Associates, and Billionaire hedge fund manager David Einhorn’s Greenlight Capital fund. But a sharp rally in the electric car maker’s shares since early April has hurt short-sellers. On Tuesday, Einhorn told investors that with Tesla’s shares rallying sharply, a bet against the stock had turned into heavy second-quarter losses at his Greenlight Capital fund.
Insider Selling: Beasley Broadcast Group Inc (BBGI) Insider Sells $3,097,946.25 in Stock (WeekHerald.com)
Beasley Broadcast Group Inc (NASDAQ:BBGI) insider Stephanie L. Bordes sold 439,425 shares of Beasley Broadcast Group stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $7.05, for a total transaction of $3,097,946.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Insider Selling: National Instruments Corp (NATI) Director Sells $1,126,750.00 in Stock (XNewsPress.com)
National Instruments Corp (NASDAQ:NATI) Director James J. Truchard sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $45.07, for a total transaction of $1,126,750.00. Following the completion of the sale, the director now directly owns 6,345,037 shares of the company’s stock, valued at approximately $285,970,817.59. The sale was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Independent Bank Group Inc (IBTX) Director Acquires 10,000 Shares of Stock (MaconDaily.com)
Independent Bank Group Inc (NASDAQ:IBTX) Director G Stacy Smith purchased 10,000 shares of the business’s stock in a transaction on Friday, July 27th. The stock was purchased at an average price of $68.56 per share, with a total value of $685,600.00. Following the purchase, the director now owns 89,974 shares of the company’s stock, valued at $6,168,617.44. The purchase was disclosed in a legal filing with the SEC.
Insider Buying: Frequency Electronics, Inc. (FEIM) Director Purchases $113,550.00 in Stock (FairFieldCurrent.com)
Frequency Electronics, Inc. (NASDAQ:FEIM) Director Edenbrook Capital, Llc bought 15,000 shares of Frequency Electronics stock in a transaction on Thursday, July 26th. The stock was acquired at an average cost of $7.57 per share, with a total value of $113,550.00. The purchase was disclosed in a legal filing with the SEC.
Insider Selling: Marcus Corp (MCS) Insider Sells 40,000 Shares of Stock (WeekHerald.com)
Marcus Corp (NYSE:MCS) insider Gregory S. Marcus sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $36.51, for a total value of $1,460,400.00. Following the sale, the insider now owns 227,741 shares in the company, valued at $8,314,823.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Insider Selling: Ingersoll-Rand PLC (IR) EVP Sells $1,173,506.00 in Stock (XNewsPress.com)
Ingersoll-Rand PLC (NYSE:IR) EVP David S. Regnery sold 12,098 shares of Ingersoll-Rand stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $97.00, for a total value of $1,173,506.00. Following the completion of the sale, the executive vice president now directly owns 55,810 shares of the company’s stock, valued at $5,413,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission.
