Islanders owner Charles Wang boosted Islanders’ selling price in bad faith, lawsuit says (NewsDay)
A Pennsylvania investment group led by hedge fund manager Andrew Barroway filed a lawsuit against New York Islanders owner Charles Wang Monday, claiming he backed out of an agreement to sell the team. NY ICE, of Radnor, Pennsylvania, said Wang scuttled the March deal to sell the franchise to the group for $420 million after he learned of the $2 billion offer for the Los Angeles Clippers by former Microsoft Corporation (NASDAQ:MSFT) CEO Steve Ballmer, according to the lawsuit filed in state Supreme Court in Manhattan.
Where To Invest Your Business Assets – Hedge Funds vs Family Offices (Business2Community)
More and more hedge funds are deciding to “privatize” and become family offices in the face of regulatory legislation that subjects them to more scrutiny from the United States Securities and Exchange Commission (SEC). Big names in the hedge fund business like George Soros and Stanley Druckenmiller have opted to avoid any potential governmental intrusion by switching their hedge funds to family offices. But, is that move genuinely necessary? What do hedge funds stand to gain by becoming family offices and what do they stand to lose by remaining hedge funds open to outside investors?..
Cantor Fitzgerald Hires Tomljenovic in Canadian Expansion (BusinessWeek)
Cantor Fitzgerald LP hired David Tomljenovic, a former Sprott Asset Management hedge-fund manager, to help companies raise capital amid an expansion in Canada. Tomljenovic, 45, will be based in Toronto as a manging director and report to Laurence Rose, head of Cantor’s Canadian business, New York-based Cantor said in a statement today. Tomljenovic worked at Beacon Securities Ltd. after leaving Sprott. “We are looking forward to leveraging David’s insight and expertise, along with his well-established network of relationships,” Rose said in the statement…
S&P warns hedge-fund reinsurer model consumes capital (RoyalGazette)
Standard and Poor’s (S&P) said yesterday that the hedge fund reinsurers philosophy of running a higher risk portfolio in order to underwrite at lower rates could be flawed. The idea that hedge-fund reinsurers will earn higher investment returns than a typical reinsurer running a low-risk asset portfolio, with the result that they can compete by underwriting at lower rates, is flawed because hedge fund reinsurers need to allocate more capital as a buffer against the greater investment risk, thus offsetting the benefit of the extra return, the rating agency argued. S&P has not rated the recent hedge fund-backed start ups as yet, such as Bermuda-based Third Point Re, Hamilton Re or Watford Re, which have all received ratings from rival AM Best.
Nancy Pelosi, Tom Steyer’s Hedge Fund, and a Billion Taxpayer Dollars (FreeBeacon)
A top House Democrat to whom billionaire liberal Tom Steyer has donated campaign funds steered more than a billion dollars to an infrastructure project that benefitted his hedge fund. That hedge fund, Farallon Capital Management, bought up large plots of real estate in San Francisco’s burgeoning Mission Bay neighborhood in 2004. The area is now booming and Farallon has sold most of its property there. Steyer, who founded and led Farallon until late 2012, has used his fortune to elect Democratic senators and governors. He has pledged to spend $50 million of his own money in 2014 and to raise another $50 million.
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