Casino mogul Wynn accuses short-seller Chanos of slander in lawsuit (DailyMail)
Steve Wynn, the billionaire casino mogul, has filed a lawsuit accusing prominent short-seller Jim Chanos of slander over an alleged statement that Wynn violated a U.S. anti-bribery law. Wynn, 72, and his company Wynn Resorts Ltd filed suit against Chanos, founder of New York-based hedge fund Kynikos Associates LP, in federal court in San Francisco. The lawsuit accused Chanos of telling several people at a private “invitation-only” event in Berkeley, California, on or about April 25 that Wynn and Las Vegas-based Wynn Resorts had violated the federal Foreign Corrupt Practices Act.
Ryder Cup fans taking private jet for just $2,900 (DailyHerald)
Golf-crazy executives set on seeing Rory McIlroy, Phil Mickelson and 22 other top players trade putts at the sport’s most anticipated event this weekend found a cheaper way to jet in and out in style. Hedge-fund managers, the chairman of a FTSE-100 company and a German hotelier are among those tapping a car pool-style plane ride that gets them to the Ryder Cup in Scotland for the day’s first drive and home that night for what in the luxury jet world amounts to a bargain-basement 1,800 pounds ($2,900) apiece.
Hedge fund Orange Capital says Canada’s energy sector ripe for activism (BNN)
Daniel Lewis, aware of the image some Canadians may have of New York hedge fund managers, refused to pose for a photo with his arms crossed because it’s not the tough-guy impression he wants to leave. “If you’re a New York hedge fund, people will make certain assumptions about what sort of person you are and how you conduct business,” Lewis, the managing partner and co-founder of Orange Capital LLC, said in an interview in Toronto. That doesn’t mean Orange Capital, with more than $1 billion US in assets under management, shies away from a fight.
BlueCrest to Spin Off BlueTrend Hedge Fund Into New Company (WSJ)
BlueCrest Capital Management LLP is spinning off a computer-driven fund that recently has battled poor performance and investor redemptions, according to people familiar with the matter. The hedge-fund firm is expected to share the news with its investors in a call Friday. The fund, BlueTrend, is run by the Brazilian-born Leda Braga, a prominent woman in the hedge-fund industry. Amid challenged performance—the fund was flat in 2011 and 2012 before losing 11.5% last year—investors have walked away and Ms. Braga has cut fees on the fund.
Deloitte Names Leaders Of European Hedge Biz (Finalternatives)
Accounting giant Deloitte has added two senior members to its hedge-fund services team. Chris Farkas was named the firm’s U.K. hedge-fund leader, while Brian Forrester will hold the same post for Europe, the Middle East and Africa. Farkas joins from Deutsche Bank AG (USA) (NYSE:DB), where he was European head of hedge-fund consulting at its prime brokerage, while Forrester spent the past two years in Deloitte’s London office, now returning to Dublin. “Investor allocations are increasing and hedge funds are expanding to take on more assets and staff whilst launching new products,” Forrester said.
NYT’s Stewart: Hedge funds watershed moment (CNBC)
Soccer Hedge Fund Betting on Players Gets Global FIFA Ban (BusinessWeek)
Soccer’s world ruling body FIFA will ban investors from buying the transfer rights of players from teams, a booming sector that has led to more than $1 billion of transactions. FIFA president Sepp Blatter told a televised news conference in Zurich today that a committee would oversee a transitional period during which the practice will be phased out. That period will last about “three or four years,” FIFA general secretary Jerome Valcke told reporters. Under the method, known as third-party-ownership, or TPO, investors bet the transfer value of a player will rise and they will make a profit when he is traded.
RadioShack shareholder says in talks to improve liquidity (Reuters)
Hedge fund Standard General LP said it was in talks with RadioShack Corporation (NYSE:RSH) to improve the troubled electronics retailer’s liquidity ahead of the holiday season. RadioShack’s shares were up 21 percent at 96 cents in morning trading on the New York Stock Exchange. Standard General, which raised its stake in RadioShack to 9.8 percent from 7.08 percent to become the largest shareholder, said its proposals include purchasing the company’s loans and other commitments under its credit facility.
Andy Hall: Long And Wrong In The Oil Market (Forbes)
Is Andy Hall on to something? The legendary oil trader is reportedly telling his investors that America’s shale energy boom will be coming to a swift end, sending oil prices skyward to $150 a barrel over the next five years. Such bold predictions helped Hall amass a small fortune; he was once awarded a $100 million bonus for his oil trading genius and bought a castle in Germany. So his words are being taken very seriously by the energy community, but that doesn’t mean everyone agrees.
How to hire like Jeff Vinik (BizJournals)
Whether you’re talking hockey, hedge funds or real estate, Jeff Vinik‘s best business advice is the same: “Hire good people.” Vinik, in the midst of reinventing the Tampa Bay Lightning and downtown Tampa, has assembled teams of high profile people in both hockey and real estate development. But finding the best fit for his team, he said, is about more than an impressive resume. “I like to take people for high level positions — I like to go out to dinner with them and their wife and me and my wife,” Vinik, a former hedge fund manager, said.
Hedge Funds Now Allowed to Advertise to Public (HedgeCo)
One year ago, the SEC adopted Title II of the Jobs Act, removing the ban on general solicitation and creating enormous opportunities for capital formation. The elimination of the ‘do not solicit’ rule allows companies with Reg D offerings to advertise directly to accredited investors. Until last week, hedge funds were still barred from many public advertisements under separate Commodity Futures Trading Commission (CFTC) rules related to derivatives trading.
Recommended Reading:
Why David Shaw is Bullish on Delek US Holdings, Inc. (DK)?
Shutterfly Inc. (SFLY): Mario Cibelli Increases Stake, Sends Letter To Board
HomeFed Corporation (HOFD): Leucadia National Raises Stake To Around 65%
