Argentina Appeal of BNY Ruling in Bonds Case Is Dismissed (BusinessWeek)
Argentina’s appeal of a ruling that The Bank of New York Mellon Corporation (NYSE:BK) acted properly when it refused to pass along a $539 million payment to holders of the nation’s sovereign debt was thrown out. Argentina made the payment into a BNY Mellon account in June, in an attempt to pay holders of its restructured debt without also paying $1.5 billion to a group of hedge funds holding the country’s defaulted bonds, as a judge had ordered. BNY Mellon held onto the payment, triggering a default when bondholders weren’t paid by July 30.
Bridgewater Sues Ex-Employees Who Founded Competitor Convoy (BusinessWeek)
Bridgewater Associates LP, the $160 billion hedge-fund firm founded by Ray Dalio, sued two former employees who started competitor Convoy Investments LLC, claiming they exaggerated their previous roles with Bridgewater to win clients. Convoy founders Howard Wang and Wenquan Wu, who Bridgewater said served in “low-ranking roles” in client services and information technology, have tried to pass themselves off as “former key figures,” according to the firm’s complaint accusing the two of violating laws against false advertising.
Viking Among Hedge Funds Getting a Boost from Alibaba (InstitutionalInvestorsAlpha)
O. Andreas Halvorsen‘s Greenwich, Connecticut-based hedge fund firm, Viking Global Investors, disclosed a significant position in Alibaba Group Holding Ltd (NYSE:BABA), the Chinese e-commerce giant whose September initial public offering was the biggest ever. Alibaba kicked in 2 percent of the Viking Global Equities fund’s 4.1 percent gain in the third quarter, according to Viking’s third-quarter letter to investors, obtained by Alpha. The company was the second-best performer for the Viking Long Fund, accounting for 0.6 percent of the fund’s 2.8 percent gain for the quarter….
Canadian activist fund managers prefer to stay under the radar (TheGlobeAndMail)
So we’re all probably by now familiar with the stereotype of the loud-mouthed, brash, arrogant, activist investor. They’re camera-ready, often American hedge fund managers, who will think nothing of engaging in shouting matches on national television – sometimes with each other. We’re not devoid of these kinds of larger-than-life activist characters in Canada either; to wit, long-time dissident investor George Armoyan, executive chairman of Clarke Inc., has never been accused of being a shrinking violet.
Australian driller Boart Longyear agrees $352 million restructuring deal (Reuters)
Struggling Australian drilling services company Boart Longyear Ltd (BLY.AX) said on Thursday it had agreed a restructuring deal worth up to $352 million with U.S. hedge fund Centerbridge Partners to cut debt and cut the risk of a potential default. Boart, the world’s largest supplier of drilling equipment and services to miners, said the restructuring involved up to $225 million in new “covenant lite” term loans and was seeking up to $127 million in new equity.
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