Editor’s Note: Related tickers: The Blackstone Group L.P. (NYSE:BX), JPMorgan Chase & Co. (NYSE:JPM), Dell Inc. (NASDAQ:DELL), Goldman Sachs Group, Inc. (NYSE:GS)
If Bill Ackman Were A Stock, I’d Be Buying Right Now (BusinessInsider) The piling on re: Bill Ackman – I would bet – has now reached its pinnacle. If he was a stock, and I a deep value investor, I’d be buying him in size here. Okay, maybe I’d be buying calls instead of common, but still – the beleaguered Ackman is probably a bargain here. It’s not that I agree with the way he’s gone about meddling with J.C. Penney to the point of disaster or the flamboyant rollout of his short position in Herbalife (in which his publicly-stated aim was to destroy a company and redistribute the profits to charity). It’s just that I believe Ackman to be a very smart investor and, more than that, a determined businessman.
Blackstone to buy HK construction company Tysan for $322 mln (Reuters)
The Blackstone Group L.P. (NYSE:BX)‘s real estate arm has offered to buy Hong Kong-listed construction firm Tysan Holdings Limited for $322.6 million, according to a regulatory filing. The Blackstone Group L.P. (NYSE:BX), one of the world’s biggest hedge fund investors, made the offer for Tysan at HK$2.86 per share, an around 10 percent premium to the previous close which values the company at HK$2,501,544,483 ($322.62 million). Tysan shares jumped 11.5 percent to a record high of HK$2.9 before closing up 6.5 percent at HK$2.77 a share on Monday. The Blackstone Group L.P. (NYSE:BX), which is raising its first Asia real estate fund, made the offer through Tides Holdings II Ltd. Barclays Capital Asia advised The Blackstone Group L.P. (NYSE:BX).
JPMorgan Hopes Bear Stearns Trouble Is Over (WallStCheatSheet)
A lawsuit by liquidators of the Bear Stearns hedge funds against JPMorgan Chase & Co. (NYSE:JPM) has finally officially ended, reports Bloomberg. The parties came to a settlement back in June, say court records. The plaintiffs had been seeking $1.5 billion in damages. Bear Stearns is the infamous hedge fund that filed for bankruptcy in 2007 and was acquired by JPMorgan Chase & Co. (NYSE:JPM) in 2008. The plaintiffs in the lawsuit against JPMorgan Chase & Co. (NYSE:JPM) were Stillwater Capital Partners LP of New York, Essex Fund Ltd. of the Cayman Island along with two liquidators, Geoffrey Varga and William Cleghorn.
Icahn’s Dell suit falters (ITWeb)
Activist investor Carl Icahn‘s legal effort to derail a $25 billion takeover of Dell Inc. (NASDAQ:DELL) stalled after a judge refused to fast-track his lawsuit against the personal computer maker, blunting an integral part of his months-long opposition campaign. Delaware Court of Chancery judge Leo Strine on Friday waved off Icahn’s request to accelerate the lawsuit, dismissing claims the company and its board wronged shareholders by accepting an undervalued offer from CEO Michael Dell. Icahn had hoped to head off a 12 September special shareholders’ vote on a takeover proposal that the hedge fund billionaire and other major investors argue cheapens the company.
Brevan Howard Traders Said to Depart as Fund Posts Loss in June (BusinessWeek)
Two Brevan Howard Asset Management LLP credit traders left in recent weeks, as the firm scales back after its biggest hedge fund had the worst monthly loss since 2008 in June, two people with knowledge of the matter said. Wayne Leslie, 38, departed less than a year after joining the London-based hedge fund from Goldman Sachs Group, Inc. (NYSE:GS), where he was a managing director responsible for European investment-grade credit trading, said the people, who asked not to be identified because the departures haven’t been made public. Jason Feasey, 40, who focused on structured credit, had joined the hedge fund from Bank of America Corp in 2011.
Hedge funds positive market exposures reach historic levels – Bank of America Merrill Lynch (Opalesque)
Equity Market Neutral and Long/Short continued to increase their market exposure to above historical average. However, readings are not at extremes, according to the latest hedge fund monitor data from Bank of America Merrill Lynch Global Research. Despite increases in exposure, funds were up 0.93% for July, underperforming the S&P 500. According to the data, Market Neutral funds raised market exposure to 15% net long from 6% net long. Equity Long/Short also increased market exposure to 42% from 40% net long; slightly above the 35-40% benchmark level.
Ron Paul + Jim Rogers – On the Government, Martial Law and YOUR Freedom (YouTube)
