Hedge Fund and Insider Trading News: Ray Dalio, Edward Lampert, Cyrus Capital, Chesapeake Energy Co. (CHK), Scientific Games Corp (SGMS), Rimini Street Inc (RMNI), and More

Cyrus, Omega Call Truce in Sears CDS Fight After Settling Trades (Bloomberg)
A bankruptcy judge approved Sears Holdings Corp.’s sale of notes to Cyrus Capital Partners even as he called the outcome “odd,” ending a chapter in the hedge fund’s efforts to keep its payouts on a series of derivatives as low as possible. The judge, Robert Drain, questioned why other bids for the notes did not emerge after he opened the door for more buyers to step in last month, and at least one other potential purchaser had expressed interest.

Billionaire Ray Dalio Shares a 3-Step Formula for Anyone to Start Investing (CNBC)
Although learning how to invest can seem like a daunting task, putting your money to work while you sleep is a key step to gaining financial independence and retiring comfortably. And, it doesn’t have to be scary. Anyone can develop a smart investment strategy by following a three-step formula, according to Ray Dalio, a renown investor and the founder of the world’s largest hedge fund, Bridgewater Associates.

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Sears Chairman Edward Lampert could Find Out by Friday if His $4.4 billion Bid to Keep Retailer in Business is Viable (Chicago Tribune)
Sears Chairman Edward Lampert pulled together financing for a proposal that could keep the bankrupt retailer in business, but there’s a deadline. Lampert’s hedge fund, ESL Investments, said on Dec. 28 that it’s prepared to pay $4.4 billion for many of the retailer’s remaining assets, including about 425 Sears and Kmart stores. Friday was the deadline for parties interested in acquiring Sears’ assets to submit bids. In a letter to Sears’ investment banker, Transform Holdco, a new entity controlled by Lampert’s fund, said it believes keeping the Hoffman Estates-based company in business is the best way to preserve up to 50,000 jobs and recover money the retailer owes.

BlueMountain Promotes Two to Partner (PeHub.com)
BlueMountain Capital Management has promoted Dava Ritchea and Jim Pieri to partners. The appointments became effective January 1, 2019. Ritchea joined the firm in 2013 while Pieri came on board in 2012. PRESS RELEASE: NEW YORK, N.Y., January 2, 2019 – BlueMountain Capital Management, a multi-strategy alternative investment management firm, today announced the appointment of Dava Ritchea and Jim Pieri as Partners of the firm, effective January 1, 2019.

For Hedge Funds This Year, $1 Billion Is the Loneliest Number (Bloomberg)
Hedge fund managers set on starting their own firms in 2019 face the worst money-raising environment in years. Only one is slated to begin with more than $1 billion: San Francisco-based Woodline Partners, founded by former Citadel duo Michael Rockefeller and Karl Kroeker. The next-biggest are being built by veterans of well-known hedge funds that have either closed or are winding down, according to people familiar with the plans.