Business Execs Skeptical Of Christie’s Chances (HudsonHubTimes)
New Jersey Gov. Chris Christie is dismissing his administration’s traffic scandal as “a footnote” in his political future. Some in the GOP’s elite business class may be close to dismissing him as a serious contender for the party nomination in 2016. Shortly after Christie discussed his White House ambitions in Washington on Wednesday, Republican donors gathered for a hedge fund conference in Las Vegas shared a decidedly pessimistic view of Christie’s presidential prospects. Even self-proclaimed Christie fans said his political brand probably has suffered permanent damage, acknowledging they’ve been forced to look elsewhere for a business-friendly presidential contender.
Kyle Bass’ Hayman Capital Changes Many Holdings – GM, Verizon, NRG, AMR and More (247WallSt)
Kyle Bass of Hayman Capital Management has been busy in the first quarter portfolio changes. The value of stocks held as of March 31 was $1.042 billion. The group’s 13F filing three months ago showed that Bass’ year-end holdings were $774.7 million. Investors need to keep in mind that the hedge fund listed only 26 issuers, so 7 big changes in a quarter is some real turnover. Perhaps the biggest change was in General Motors Company (NYSE:GM). The holdings at the end of 2013 were listed as warrants for shares, but Bass added 32,000 more call options and also had just over 7.086 million shares. At the end of the first quarter the GM position was worth some $243.9 million…
Ousted Director Rejoins GrafTech Board (NYTimes)
Investors of GrafTech International Ltd (NYSE:GTI), the small steel company at the center of a swirling corporate governance debate, have re-elected an ousted director to the board, along with his two of his allies. At the company’s annual meeting on Thursday, shareholders elected Nathan Milikowsky, who owns 11.2 percent of the company, reinstating him to the board more than a year after he was ousted amid allegations he leaked confidential information to a hedge fund. Two of Mr. Milikowsky’s allies, David Jardini and Karen Finerman, were also elected to the board. Investors did not re-elect several existing GrafTech board members, including the former chief executive Craig Shular and the former board chairwoman Mary Cranston. Mr. Shular and Ms. Cranston had led the campaign against Mr. Milikowsky, which ended in his dismissal.
Russia-Focused Hedge Funds Fall Sharply (Finalternatives)
Russia may be withstanding international sanctions over its annexation of the Crimea, but hedge funds focused on the country are not. The sanctions imposed since Russia’s occupation of the Ukrainian territory have failed to have the bite that Western leaders hoped for. But they have sent the country’s stock market into a tailspin, one that has taken hedge funds investing in Russia with it. Moscow-based Prosperity Capital is down 16.2% through April 24, The Wall Street Journal reports. Firebird Management, which is based in the U.S. but invests in Russia and Eastern Europe, has seen its main fund lose 14.3%.
David Paredes Found His Zen After Losing Friend, Bankroll & Job (Bluff)
David Paredes might not be a household name in broader poker circles, but he’s a player on the rise and is currently sixth in the North American Triple-A Player of the Year standings. He’s quietly amassed $1.4 million in live tournament earnings and netted his largest live score to date in January. …Paredes’ hedge fund career did manage to last over two years before he was laid off. But even while he was working and not really playing cards he still had poker on his mind. “I did like it (the job) and I learned a lot, but I really loved poker,” he said. “I’ve always had a huge passion for the game. I’ve never had one day of playing poker where I thought of it as work, it’s always been fun for me.
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