Battle of the Billionaires as Hedge Fund Tycoon Targets Boohoo (The Telegraph)
Kamani dynasty’s fast-fashion fortune under pressure from Sir Paul Marshall. Boohoo welcomed a brief reprieve from its slumping share price earlier this week on rumours that suitors might come knocking on the door. But within 24 hours of jumping almost 9pc, the fast fashion firm’s stock was back in the doldrums. It transpired City chitter-chatter was just that. Boohoo insiders have rebuffed the speculation. “It may be a US fund manager who may have taken a long position in the company wanting to talk it up,” says one City source. “Or it may be another portfolio manager who has taken a short position and wants to paint a picture that the business is distressed, so they have to sell it.”
Energy-Focused Hedge Fund Powhatan Files for Bankruptcy After Years of Litigation (Opalesque)
Powhatan Energy Fund LLC has filed for Chapter 7 bankruptcy liquidation, with more than $26m in Federal Energy Regulatory Commission (FERC) market manipulation sanction liabilities but less than $53,000 in cash. The filing effectively ends years of litigation. Powhatan Energy Fund LLC is a private investment partnership founded in 2010. The FERC’s Office of Enforcement alleged that Powhatan and trader Houlian Chen had manipulated the electricity market. Powhatan disagreed.
Carl Icahn Pushes McDonald’s to Change Way It Sources Its Pork (The New York Times)
The billionaire investor Carl Icahn began his battle with McDonald’s in his usual fashion — buying a small stake in the company and then pushing his own candidates for its board. But what’s different this time is the issue — better treatment for the pigs whose meat goes into McDonald’s sausage patties and other pork products.
Tidan Team Expands (Hedge Nordic)
Stockholm (HedgeNordic) – Capital structure arbitrage hedge fund Tidan has strengthened its team with the hiring of Gustav Gistvik as a quantitative analyst. Having spent his entire career in various parts of the Brummer & Partners group, Gistvik joins Tidan’s ex-Brummer founding team that launched Tidan in October of last year. Gustav Gistvik worked as a quantitative analyst at the now-closed Frost Asset Management and was part of the founding team launching Frost, a fixed-income relative-value fund operating in the Nordic markets.
Hedge Funds Up Short Bets on Australian Dollar (Hedge Week)
Short bets on the Australian dollar by leveraged hedge funds have hit their highest level since November according to a report by Bloomberg. Bloomberg says the latest data from the Commodity Futures Trading Commission (CFTC), which covers up to 8 February, shows that futures and options investors have significantly upped their positions aimed at benefitting from a weakening of the currency. The move came after Royal Bank of Australia Governor Philip Lowe pledged to remain patient in assessing inflation despite US and European central banks moving to tackle recent price growth.
Housing Operator Fights Students, Investors and Now a Wall St. Colossus (The New York Times)
A student-housing operator that tenants and investors say has badly mismanaged high-end properties across the country has added a Wall Street colossus to the list of legal opponents. Fortress Investment Group, an investment firm managing money for institutional and private clients, has mounted an attempt to seize control of a high-rise student apartment building in Denver from Patrick Nelson and his company, Nelson Partners Student Housing.
Obscure Chinese Hedge Funds’ High-Yield Bond Strategies Pay Off Amid Turbulence in Property Sector (South China Morning Post)
As default risks surrounding troubled issuers like China Evergrande Group rocked the nation’s bond markets last year and left global investors nursing losses, a handful of little-known hedge funds swooped in. Shenzhen Qianhai Guoen Capital Management, Fuhui Juli Wealth Management and Shenzhen Qianhai Jiuying Asset Management, which between them manage more than 20 billion yuan (US$3.2 billion), pocketed gains of 319 per cent, 104 per cent and 96 per cent, respectively, under their high-yield strategies, after scooping up distressed debts issued by property firms and local government financing vehicles.
Gold, Hedge Fund Expert On Breakout, Russia And Ukraine – Thomas Thornton (Gold-Eagle)
Thomas Thornton, founder of Hedge Fund Telemetry, joins us to talk about how many hedge funds are looking at the current market, including his take on silver, gold, Russia, Ukraine, the Fed, Inflation and many other topics.
Insider Trading: February 21, 2022 (BIV.com)
Insider Lyle Braaten, director. Company: Ero Copper Corp. (TSX:ERO). Shares owned: 291,666. Trade date: February 3, 4. Trade total: $246,600. Trade: Sale of 15,000 shares at prices from $16.22 to $16.55 per share. Insider Raymond Ashley, officer. Company: Fission Uranium Corp. (TSX:FCU). Shares owned: 467,647. Trade date: February 4, 8. Trade total: $115,500. Trade: Sale of 150,000 shares at prices from $0.76 to $0.79 per share.
Friday 2/18 Insider Buying Report: GLT, PENN (Nasdaq.com)
At Glatfelter, a filing with the SEC revealed that on Thursday, CEO Dante C. Parrini bought 10,000 shares of GLT, at a cost of $13.49 each, for a total investment of $134,870. Glatfelter Corp is trading up about 2.8% on the day Friday. This purchase marks the first one filed by Parrini in the past twelve months. And at Penn National Gaming, there was insider buying on Thursday, by Jane Scaccetti who purchased 1,975 shares for a cost of $49.70 each, for a total investment of $98,167. This purchase marks the first one filed by Scaccetti in the past year. Penn National Gaming is trading off about 4.1% on the day Friday. Bargain hunters can buy PENN even cheaper than Scaccetti did, with the stock trading as low as $46.92 at last check today — that’s 5.6% under Scaccetti’s purchase price.
Delta Air Lines And 4 Other Stocks Sold By Insiders (Benzinga)
Alphabet: The Trade: Alphabet Inc. (GOOG) CEO Sundar Pichai disposed a total of 3,000 shares at an average price of $2,720.83. The insider received around $8.16 million as a result of the transaction. Snap: The Trade: Snap Inc. (SNAP) Chief Financial Officer Derek Andersen sold a total of 26,111 shares at an average price of $39.98. The insider received around $1.04 million from selling those shares. Amazon.com: The Trade: Amazon.com, Inc. (AMZN) CEO Amazon Web Services Adam Selipsky sold a total of 679 shares at an average price of $3,150.92. The insider received $2.14 million as a result of the transaction.
