SEC’s civil case against SAC’s Cohen may get delayed again (NYPost)
Manhattan US Attorney Preet Bharara has asked the Securities and Exchange Commission to hold off on its decision about former hedge-fund kingpin Steve Cohen for three more months. Bharara asked SEC chief administrative law judge Brenda Murray to continue the stay of the civil proceedings against the former SAC Capital honcho, who is accused of failing to supervise former employees who were later found guilty of insider trading. The US Attorney had asked for a stay until all the criminal charges are settled.
Hedge fund riding to rescue of RadioShack (USAToday)
RadioShack Corporation (NYSE:RSH) shares soared Tuesday when it appeared that the electronic retailers may be plugging into a lifeline. The electronics retailer is talking to a shareholder, hedge fund Standard General, about a rescue package that could prevent a backruptcy reorganization filing, Bloomberg News reports based on two unnamed sources. As a result, RadioShack shares rose 14 cents to close at 86 cents on the New York Stock Exchange, a rise of 19.4%.
Why a hedge fund manager will tell you big government is great for capitalism (TheWeek)
What can government do to cultivate a vibrant economy? Nothing, if you ask our political class. Ever since Bill Clinton declared that the era of big government was over, even Democrats have treated the welfare state like a drag on the free market, focusing on its social benefits rather than its economic ones. But this is a mistake, as any hedge fund manager will tell you. Government investments in social insurance can go a long way to freeing individuals and businesses to take entrepreneurial risks and to innovate, unleashing “creative destruction” in its purest — and most humane — form.
Ex-U.S. Cabinet Members Lobbying For Elliott (Finalternatives)
Elliott Management is adding some new firepower in its fight against Argentina. The hedge fund has hired former U.S. Secretary of State Madeleine Albright’s consulting firm to lobby for it in the country, an operation led by Albright’s co-chair, former U.S. Commerce Secretary Carlos Gutierrez. According to the New York Post, Gutierrez has been in Argentina attempting to mobilize opposition to the government of President Cristina Kirchner, who has refused to obey U.S. court orders to pay Elliott and other hedge-fund holdouts from Argentina’s 2001 default…
Apple & Allergan top list of hedge fund positions (Opalesque)
S&P Capital IQ is out with its quarterly hedge fund tracker, ranking the positions of pure play hedge funds based on reported data including Form 13F. Report data finds that information technology and healthcare stocks saw the largest growth in new hedge fund buying activity during Q2 2014, with Allergan, Inc. (NYSE:AGN) and Apple Inc. (NASDAQ:AAPL) as the most popular individual stocks. On a sector basis, IT stocks saw hedge fund flows of $1.45 billion leading the pack for the second quarter in a row. Healthcare was at second most popular, for the top 10 hedge funds with $1.4 billion. Financials down $2.25 billion, with a decrease in American International Group, Inc. (NYSE:AIG) $686 and Crown Castle International Corp. (NYSE:CCI) $272.
Woman leaves hedge fund to craft career out of rum (CNBC)
Soros joins squabble over Argentinian debt payments (iOL)
Katia Porzecanski and Camila Russo New York and Buenos Aires LESS than a month after Argentina defaulted for the second time in 13 years, George Soros has suddenly emerged as a key rival of fellow billionaire Paul Singer in the legal fight over the nation’s debt. According to court documents filed in London last week, Quantum Partners, a fund managed by Soros’s family office, has joined a group of investors suing bond trustee The Bank of New York Mellon Corporation (NYSE:BK) (BNY Mellon) for failing to distribute e226 million (R3.19 billion) of interest payments on Argentine debt. The group, which also includes Kyle Bass’s Hayman Capital Management, owns more than e1.3bn of euro-denominated bonds, court documents show.
Top Hedge Funder Larry Robbins Boosts Shareholding In VCA Inc. (GuruFocus)
Larry Robbins (Trades, Portfolio), noted for being top-performing hedge fund manager of 2013, with an 84.2% at his $1.8 billion Glenview Capital Opportunity Fund returned 84.2% through Oct. 31, has reported adding to his stake in one of his current holdings. Robbins increased his shareholding in VCA Inc. (WOOF) by 45.6%, or 4,009,200 shares, according to GuruFocus Real Time Picks. Robbins started buying shares of the company in the first quarter of 2014 when the stock price averaged $32. In the second quarter, he made a substantial increase to the position at the same average price.
Third Point Offshore Investors Reports Net Asset Value Growth (ISE)
Third Point Offshore Investors Ltd Wednesday reported net asset value per share growth of 6.6% in both dollar and sterling share classes, driven by corporate and structured credit portfolios. In a statement, the London listed hedge fund managed by Daniel Loeb’s Third Point LLC said its overall net asset value increased 6.8% to USD912.2 million in the six months ended June 30. The investment manager initiated several major new investments during the first half and believes that the environment remains attractive for event-driven strategies, Third Point Offshore Investors said in its statement.
Top Hedge Funds In Q2: Citadel, Renaissance & Millennium Management (HedgeCo)
A review of 2014 Q2 13F filings by US-based pure play hedge funds show that information technology and healthcare stocks saw the largest growth in new hedge fund buying activity during Q2 2014, with Allergan and Apple as the most popular individual stocks. Citadel and Renaissance were the top two hedge funds in terms of total equity holdings, followed by Millennium Management which beat Icahn to 3rd spot.
Carl Icahn’s Joke Tweet About The Ice Bucket Challenge Caused Herbalife To Spike (BusinessInsider)
Shares of Herbalife Ltd. (NYSE:HLF) surged after a Carl Icahn Tweet dissing an “Ice Bucket Challenge” request from Jefferies’ CEO… Some folks reflexively thought that Icahn was referring to Herbalife when he said he was working on a “BIG deal.” Icahn owns a massive stake in Herbalife, the company that his long-time rival Bill Ackman is infamously short.
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