Raj Rajaratnam accused of paying inmates for special treatment (MarketWatch)
Convicted felon and ex-hedge fund kingpin Raj Rajaratnam has been allegedly paying fellow prisoners to receive the royal treatment. He is currently serving an 11-year federal prison sentence for an insider trading conviction – the longest sentence ever handed down in an insider trading case — at the Federal Medical Center, Devens, in Ayer, Mass. He was convicted of securities fraud and conspiracy and ordered to pay a $10 million fine and forfeit $53.8 million.
Lonestar Capital Management Raises Passive Stake in Cenveo Inc. (CVO) (Insider Monkey)
Lonestar Capital Management, managed by Jerome L. Simon, has upped its stake in Cenveo Inc. (NYSE:CVO) by 891,200 shares to 6.19 million shares, a new filing with the U.S. Securities and Exchange Commission revealed. Previously, the fund held 5.30 million shares of the company. The new stake in equal to 9.3% of common stock, and is passive by nature. Cenveo Inc., headquartered in Stamford, Connecticut, is engaged providing print and related resources and offering solutions in the areas of custom boxes, custom labels, shrink sleeve labels, envelopes, commercial print, content management and publisher solutions. The company has a market cap of $236.2 million.
Greece’s sole oil producer raises recoverable reserves estimate (Reuters)
Energean Oil & Gas, Greece’s only oil producer, raised on Thursday its estimate of recoverable oil deposits by more than 10 percent to 30 million barrels. Energean, in which U.S. hedge fund Third Point LLC holds a 44.5 percent stake, produces about 1,700 barrels of crude a day off the northern Greek island of Thassos. That output covers only a negligible part of the country’s energy needs. Debt-laden Athens has embarked on an ambitious programme to discover big hydrocarbon reserves in the country’s west.
Hedge-Fund Manager Saiers Steps Down to Pursue Art Career (Bloomberg)
Nelson Saiers is stepping down from his role as chief investment officer of Saiers Capital LLC to pursue a career as an artist, leaving the top role at the firm to founder Jason Adler. The 39-year-old money manager will continue as an adviser to the fund while Adler will assume responsibilities of CIO starting Sept. 30, according to a letter to investors that was obtained by Bloomberg News. Adler started the New York-based hedge fund in 2007 by transforming his former firm Geronimo LLC, an options market maker that he founded in 2001, into a fund that wagers on volatility.
As Activist Hedge Funds Boom, ‘Hushmail’ Takes Hold (FINalternatives)
Activist hedge funds have been around for about a decade and their modis operandi has not changed dramatically in that time: buy a significant stake in a company, agitate for change, realize profits, repeat. What has changed is the number of such investors: according to data provider Preqin, there are now over 400 activist hedge funds worldwide. Moreover, 2013 saw the launch of 28 new activist funds, the highest number of launches since 2007. And the ranks of activist hedge fund managers are unlikely to shrink anytime soon—their assets are $100 billion and growing, according to Hedge Fund Research, and of the $6.5 billion investors poured into event-driven funds in May of this year, eVestment said a full $4 billion went to activist strategies.
