Hedge Fund and Insider Trading News: Ray Dalio, Fir Tree Partners, Bow Street LLC, Elliott Management, PayPal Holdings Inc (PYPL), Qualcomm Inc (QCOM), and More

Fir Tree Disputes What it Calls Grayscale’s ‘Latest Excuse’ for Obstructing GBTC Redemptions (Pensions&Investments)
Hedge fund manager Fir Tree Partners issued a statement last week challenging what it said was Grayscale Investments’ “latest excuse” for blocking shareholder redemptions from the Grayscale Bitcoin Trust: the need for relief regarding tender offer rules. Fir Tree said it issued the Feb. 16 statement in response to a Twitter Spaces discussion that Grayscale, the trust’s sponsor, held Feb. 8.

Hedge Fund Billionaire Extracts Billions More to Retire (The New York Times)
When Ray Dalio, the multibillionaire founder of the world’s biggest hedge fund, Bridgewater Associates, announced his retirement in October, both he and the firm he founded more than four decades ago treated the moment as celebratory. Mr. Dalio, 73, told his millions of followers on LinkedIn that he felt “great about the people” to whom he had handed the reins. And one of Bridgewater’s two new chief executives, Nir Bar Dea, sent an enthusiastic note to clients: “The transition from Ray is done!”

How a New York Hedge Fund is Generating Returns of Over 20% p.a. from Litigation Financing (LiveWireMarkets.com)
In this episode, David is joined again by Akiva Katz, one of the founders of Bow Street LLC, an event-driven hedge fund manager, to discuss their litigation financing strategy. Aiming to produce IRRs in excess of 15 to 20% p.a. from litigation financing, Bow Street finds and purchases litigation assets in which guilt has already been established and the outcome is no longer binary. In these cases the question changes from will there be to damages, to “How much are the damages?”.

Pressmaster/Shutterstock.com

American Hedge Fund ‘Made Bid to Buy Manchester United Before Deadline’ (SportsMole.co.uk)
American hedge fund Elliott Investment Management reportedly submitted a bid to buy Manchester United before Friday’s deadline. Current owners the Glazer family announced in November that they were putting the club up for sale, with the American businessmen understood to be open to either a partial sale or a full sale, should their £6bn asking price be met. The deadline for the opening round of bids passed at 10pm GMT on Friday night, with The Raine Group, who are advising on the deal, now set to assess those offers before deciding which ones to advance through to the next stage.

$200,000,000 Crypto Hedge Fund Shutting Down Due to Fallout From FTX Collapse: Report (The Daily Hodl)
Crypto hedge fund Galois Capital is reportedly shutting down and refunding money to investors after being caught in the high-profile implosion of FTX. According to the Financial Times, Galois Capital halted all trading activities and unwound all open positions as the hedge fund’s viability came into question after about half its assets got trapped on the FTX crypto exchange.