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?”.
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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.
Over 50 Hedge Funds in Dubai Discussions (Hedge Week)
Over 50 hedge funds are currently in discussion with Dubai’s financial centre over establishing a presence in the Middle East business hub after a number of the sector’s big beasts, including Millennium Management and Exodus Point Capital, opened operations in the Dubai International Finance Centre (DIFC), according to a report by Bloomberg. The report cites DIFC chief business development office Salmaan Jaffery as revealing that the funds actively seeking a DIFC license, jointly manage over $1 trillion in assets.
Candidates for the Rookie of the Year 2022 (Hedge Nordic)
Stockholm (HedgeNordic) – One of the first distinctions up for grabs in the early stage of a Nordic hedge fund’s lifecycle is the “Best New Nordic Hedge Fund Launch,” or, “Rookie of the Year.” At the Nordic Hedge Award, a jury board of fellow Nordic hedge fund managers will choose the most promising hedge fund launch of 2022 from a pool of 11 qualified funds.
Tuesday 2/21 Insider Buying Report: PYPL, WTFC (Nasdaq.com)
On Friday, PayPal Holdings (PYPL)’s CEO, Daniel H. Schulman, made a $1.99M buy of PYPL, purchasing 26,065 shares at a cost of $76.17 a piece. Investors are able to snag PYPL at a price even lower than Schulman did, with shares changing hands as low as $73.68 in trading on Tuesday which is 3.3% under Schulman’s purchase price. PayPal Holdings is trading up about 0.1% on the day Tuesday. This buy marks the first one filed by Schulman in the past year. And on Thursday, Director Brian A. Kenney bought $608,718 worth of Wintrust Financial Corp (WTFC), buying 6,600 shares at a cost of $92.23 a piece. Wintrust Financial Corp is trading off about 1.4% on the day Tuesday.
Amazon, Qualcomm And 2 Other Stocks Insiders Are Selling (Benzinga)
Qualcomm: The Trade: Qualcomm Inc (QCOM) Chief Technology Officer James H Thompson sold a total of 9,999 shares at an average price of $131.80. The insider received around $1.32 million from selling those shares. Amazon: The Trade: Amazon.com, Inc. (AMZN) CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 15,787 shares at an average price of $99.18. The insider received around $1.57 million from selling those shares.
Ex-GOP Congressman Loses Bid to Exclude Trump Ties From NYC Trial (Bloomberg)
Former Indiana Congressman Steve Buyer can get a fair trial on insider-trading charges in New York City even if the jury is told he was a member of Donald Trump’s transition team, a judge ruled, rejecting the Republican’s request from banning prosecutors from introducing the evidence as a “red herring.”
