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 Famous Hedgies News/Updates/performance

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PostSubject: Famous Hedgies News/Updates/performance   Mon Jul 12, 2010 4:18 pm

Latest Exposure Levels From Dan Loeb's Hedge Fund Third Point LLC
Dan Loeb's Offshore Fund at Third Point LLC recently released its latest performance and exposure breakdown. Loeb's hedge fund is worth following simply for this fact: it's generated an annualized return of 17.7% versus 4.1% for the S&P 500 since December 1996. Not to mention, they've done so with a correlation to the S&P of 0.40. Needless to say, those are impressive figures. Those of you desiring to follow in his footsteps can check out Dan Loeb's recommended reading list for wisdom.

For the month of June 2010, Third Point was down 2.0% largely due to their long equity positions in financials. Yet, despite the rough month, they are still up 10.2% for 2010. As of last tally, their Offshore Fund managed $1.793 billion. So while hedge funds had a brutal May, it looks like June was also a losing month for many big players.

Now, to the good stuff: the portfolio breakdown. We've covered countless times how Loeb's fund has been net long distressed debt. This trend remains unchanged. Third Point is 25.1% net long distressed credit and 19.8% net long MBS. While their distressed exposure contributed to negative performance in June, their MBS exposure contributed positively.

Here are Third Point's top positions (keep in mind they own multiple securities in each of these names):

- Chrysler
- Delphi Corp
- CIT Group
- Dana Holding
- PHH Corp

As you'll notice from previous times we've covered Loeb's portfolio, his top holdings remain pretty much unchanged. In equities, Loeb's hedge fund has their largest net long exposure in financials (at 7.8% net long) followed by consumer names (at 4.7% net long). In terms of total long/short exposure, Third Point is 37.9% net long equities and -12.2% short, leaving them 25.7% net long. This is slightly below the average hedge fund exposure levels of around 30% net long. Geographically speaking, Third Point continues to be net short Asia at -1%. They are net long the Americas to the tune of 87% and Europe to the tune of 13%.

In the equity realm, Loeb made note in a recent letter that Third Point still fancies post-bankruptcy equities, deeming them cheap. We'll have to see if any new positions pop in that regard when their next 13F filing is released in a month or so. Loeb's top winning positions last month included two shorts, Icelandic Bank debt, 'Asset Backed Security A', and Novartis/Alcon arbitrage. His top losers were PHH Corp (multiple securities), Liberty Media Interactive, Macy's, Lyondell, and CIT Group (multiple securities). Touching on some of those specific names, you'll recall that Jamie Dinan of York Capital recently stated he was bullish on Lyondell at the Ira Sohn Investment Conference (notes from the event here). Many hedge funds also own a position in Liberty Media and it appears on Goldman Sachs' VIP list. Lastly, you'll recall that David Einhorn's Greenlight Capital has a large CIT stake.

That wraps up notable information from Third Point's latest update. Be sure to savor these broad portfolio updates from Third Point as it's really all you'll get based on Loeb's new philosophy. Per his recent investor letter, his hedge fund won't be talking about their new positions until *after* they've been publicly disclosed via 13F filings. As such, these sector breakdowns are all we'll get in the mean time. As always though, we'll continue to monitor the SEC filings like a hawk. Recent disclosures made by Third Point in that regard include a stake in Xerium Technologies as well as a newly revealed position in Roomstore.

For more resources from Third Point, we of course point you to Dan Loeb's recommended reading list.


Read more: http://www.marketfolly.com/2010/07/latest-exposure-levels-from-dan-loebs.html#ixzz0tUAHxF22
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PostSubject: Re: Famous Hedgies News/Updates/performance   Mon Jul 12, 2010 5:52 pm

In response to the Loeb article:

I'm surprised Loeb's portfolio is heavy in U.S. equities. Especially names like Macy's. I like his dual position in CIT distressed debt and Equity. IN essence he is 2x Long CIT. As we have discussed on this forum before, CIT is critical to many small businesses obtaining financing. Good stuff.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Wed Jul 14, 2010 2:59 pm

Ex-LTCM Analyst Now Partner at Capula
A former analyst with Long Term Capital Management has re-emerged as a partner at London-based Capula Investment Management.

Ayman Hindy was brought on by Capula in January, according to a regulatory filing.

After John Meriwether's quantitative hedge fund firm LTCM went bust in 1998 when his models couldn't cope with the Russian debt crisis, Hindy told The New York Times, "The models tell you where things will be in five years. But they don't tell you what happens before you get to the moment of certainty."

Although the figures look small today in the wake of the 2008 recession, at the time, the Federal Reserve was concerned that LTCM's meltdown would bring down the financial sector. So the Fed organized a $3.5 billion bailout of the firm with most of the Wall Street banks.

Prior to Capula, Hindy was with LTCM co-founder Myron Scholes' Platinum Grove Asset Management.

Capula, a global government fixed income firm, was founded by Yan Huo and Masao Asai in 2005. The firm has offices in London and Tokyo.

As of last year, Capula had about $3.5 billion in assets under management.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Thu Jul 15, 2010 1:00 pm

WSJ: AI May be the Way to Go for Hedge Funds
While hedge fund managers endeavor to beat the indexes with carefully thought-out strategies and stock picks, at least one start-up firm has decided to forego human intelligence altogether.

Rebellion Research, a New York-based firm has turned to "artificial intelligence," that is, a computer, to run the strategy for their $7 million start-up, according to a report in The Wall Street Journal.

Welcome to the hedge fund's version of "2001: A Space Odyssey."

While the firm, which Spencer Greenberg founded in 2007, relies solely on its computer to make its investment choices, it took a beating, along with everyone else, in 2008. However, the fund still outperformed the markets, The Journal reported.

Greenberg, 27, has investing in his blood. He is the son of Glenn Greenberg, who founded Chieftain Capital Management, now named Brave Warrior Advisors after the firm split in two last year.

He's also related to a sports dynasty. His grandfather was Hall of Famer "Hammerin' Hank" Greenberg who was a power hitter in the 1930s and 1940s with the Detroit Tigers.

Greenberg's uncle, Stephen, after a post-college stint playing for the AAA farm team of the Washington Senators, later founded the Classic Sports Network.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Thu Jul 22, 2010 9:20 pm

When I read this i was like… "wahhhhhhhhhhhhhhhttt!!!!"

then i was like … ohhh seeding… he's already been doing that for awhile…… -_-

------------



WSJ: Legendary Manager Robertson Contemplating Return
Julian Robertson, the legendary founder of Tiger Management, reportedly is considering getting back into the hedge fund business.

But this time, it will be exclusively to seed hedge funds, according to a report in The Wall Street Journal.

Robertson is considering both a new seeding fund and a funds-of-funds to invest in early stage managers, The Journal reported.

Robertson, 78, launched Tiger Management in 1980. It grew to $22 billion in the late 1990s, but then shrank to $6 billion in 2000 from losses and redemptions. Robertson closed Tiger in March 2000 and retired to manage his own considerable wealth.

But Robertson's legacy lived on in the so-called Tiger Cub firms that were started up by his protégés. Lone Pine Capital's Stephen Mandel, Ospraie's Dwight Anderson and Paul Touradji all worked for Robertson and went on to open up their own hedge fund firms.

Robertson often seeded the Tiger Cub firms in return for a stake.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Mon Jul 26, 2010 9:50 pm

Snapman wrote:
When I read this i was like… "wahhhhhhhhhhhhhhhttt!!!!"

then i was like … ohhh seeding… he's already been doing that for awhile…… -_-

------------



WSJ: Legendary Manager Robertson Contemplating Return
Julian Robertson, the legendary founder of Tiger Management, reportedly is considering getting back into the hedge fund business.

But this time, it will be exclusively to seed hedge funds, according to a report in The Wall Street Journal.

Robertson is considering both a new seeding fund and a funds-of-funds to invest in early stage managers, The Journal reported.

Robertson, 78, launched Tiger Management in 1980. It grew to $22 billion in the late 1990s, but then shrank to $6 billion in 2000 from losses and redemptions. Robertson closed Tiger in March 2000 and retired to manage his own considerable wealth.

But Robertson's legacy lived on in the so-called Tiger Cub firms that were started up by his protégés. Lone Pine Capital's Stephen Mandel, Ospraie's Dwight Anderson and Paul Touradji all worked for Robertson and went on to open up their own hedge fund firms.

Robertson often seeded the Tiger Cub firms in return for a stake.

If you didn't see on HFN this morning:

Julian Robertson Hires Former Farmer at Tiger
Julian Robertson, the well known hedge fund manager of Tiger Management, announced two personnel moves as he looks to re-open his firm as a seeding fund and a fund-of-funds.

Robertson announced he has hired John Townsend, a former farmer and managing director at Goldman Sachs, to become a managing partner at Tiger.

Townsend will succeed Aaron Stern as Tiger's chief operating officer. He will work with Robertson on managing Tiger funds as well as providing management to the funds seeded by the firm.

Prior to joining Tiger, Townsend worked for Donaldson, Lufkin & Jenrette (DLJ) from 1982 until 1987. Before that, and in between graduating from college and entering business school, Townsend was a farmer for three years.

After his time at DLJ, Townsend worked at Goldman, Sachs & Co., where he held a number of positions. He was a general partner and a managing director. During his time with the bank, Townsend was head of the South Region and a co-head of leveraged finance. He left Goldman in 2002 as an advisory director.

In another personnel move, Robertson announced Alex Robertson will become a managing partner at the firm. He joined Tiger in November 2008, where he served on the management committee responsible for the development of emerging managers within the organization and strategy.

Tiger was launched in 1980, growing to $22 billion in the late 1990s. Robertson shuttered the firm to outside investment in 2000 after losses and redemptions, using the firm to manage his own wealth as well as seeding funds started by protégés in return for stakes in those funds.

===========================================================

Do we know anyone who attended UNC and studied business?
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PostSubject: Re: Famous Hedgies News/Updates/performance   Mon Jul 26, 2010 9:54 pm

HFN:

Report: Harbinger Lost 10% on Side Pocket Last Month

Harbinger Capital Partners lost close to 10% in June in a side pocket, according to a report from Bloomberg. With $2 billion in assets, Harbinger's side pocket has dropped 14% this year, Bloomberg reported. The side pocket fell 3.6% in the first 11 months of last year. Side pockets were created as a way to separate hedge funds' illiquid, hard-to-sell assets from the rest of the fund. As a result, investors have to wait until these assets are sold before redeeming their shares. This helps managers avoid having to sell the side pocketed assets at prices deemed too low.

Hedge funds have returned 0.14% year-to-date, according to the HFN Hedge Fund Aggregate Index. The asset class sustained a -15.74% drop in 2008, when many side pockets were created, but staged a comeback last year returning 19.44%. Harbinger, started by billionaire Philip Falcone, lost money last month in investments in Spectrum Brands Holdings, a battery and pet food maker; and in TerreStar Corp., a wireless network operator, Bloomberg reported.

Harbinger reportedly lost 4.8% in June and 9.3% year-to-date, according to Bloomberg. Hedge funds, as an asset class, lost 0.81% last month, according to HFN.

=====================================================

Phil Falcone is having a tough go of it since he made his money betting against U.S. Sub-prime related assets in 2007. It feels like every headline I read about Harbinger is negative. Though, they are branching into some VC, which is pretty cool.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Thu Jul 29, 2010 2:14 pm

Tiger Global Takes LinkedIn Stake
Tiger cub firm Tiger Global Management reportedly has taken a $20 million stake in online professional networking company LinkedIn.

The 1% stake values LinkedIn at more than $2 billion, according to a Bloomberg report.

Tiger Global declined to comment on the stake. Mountainview, Calif.-based LinkedIn could not be immediately reached for comment.

LinkedIn, founded in 2003, has more than 70 million members. Its focus is on networking for business purposes as opposed to the more popular Facebook (500 million users), which focuses on personal networks.

Tiger Global is one of the so-called Tiger Cub firms founded by former staffers of Julian Robertson's Tiger Management. Founder Chase Coleman was an analyst at Tiger Management before he started up his own firm with seeding money from his former employer.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Fri Aug 06, 2010 3:23 pm

cahn Prodigy Meister Leaving
Carl Icahn's 36-year-old prodigy Keith Meister is leaving Icahn Enterprises after eight years with the master activist investor.

"Keith Meister is a very talented individual whom I enjoyed working with," Icahn said in a statement. "I wish Keith the best of luck as he goes on to pursue other opportunities."

There was no indication as to Meister's plans in the statement and a call to Icahn Enterprises was not immediately returned.

But Meister said in the statement that he looked forward to staying in touch with Icahn and his team.

As Icahn's fair-haired boy, Meister often ended up as the investor's pick to be on company boards.

In Icahn's 2008 proxy fight with Motorola, the company protested that Meister didn't have the qualifications necessary to be a director.

"Mr. Warner [Sandy Warner, Motorola's CEO] replied summarily to this offer that Meister did not 'qualify.' I asked Mr. Warner what does one have to do to qualify-lose $37 billion dollars?" Icahn wrote.

Icahn eventually had his way and Meister got his seat.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Thu Aug 19, 2010 2:51 pm

Harbinger's Falcone trims stock holdings

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Tue Aug 17, 2010 7:59am EDT
(Reuters) - Hedge fund manager Philip Falcone slimmed his stock portfolio by eliminating at least a dozen names and dramatically paring his top holding, a new regulatory filing shows.

The New York-based hedge fund manager, who is staking his reputation on a big bet that he can build a high-speed wireless network, eliminated stocks like Clearwire Corp (CLWR.O). and Mercer International (MERC.O) in his Harbinger Capital Partners Master Fund I.

Falcone also pared back Citigroup (C.N), which had been his biggest holding with 70 million shares in the first quarter, and cut telecommunications company Sprint Nextel (S.N).

At the end of the second quarter, the filing shows that he owned only 35 million shares of Citi, which has been remaking itself since being rescued with $45 billion in government bailout money. He also reduced his stake in Sprint to 35 million shares from 49.6 million shares.

During the quarter, Falcone owned 16 million shares of Palm Inc, having first announced his purchase days before computer maker HP agreed to buy the personal digital assistant manufacturer.

Falcone, whose strong returns last year helped earn him a spot as one of the industry's best-paid managers, also added 25.8 million shares of Spectrum Brands (SPB.N), known for selling everything from pet care products to small appliances like the George Foreman grill.

Recently he pledged 12.9 million of those shares as collateral for a $400 million loan he raised with the help of UBS.

Cameron International (CAM.N), a manufacturer of oil and gas pressure control equipment, including valves, wellheads, controls, chokes, blowout preventers, also appeared in Falcone's portfolio with 7 million shares.

Many other hedge fund managers made bets on energy companies whose shares had been depressed after BP's (BP.L) Gulf of Mexico oil spill.

Falcone has been one of the hedge fund industry's most closely watched managers since a savvy bet in 2007 that the U.S. housing market would collapse and that mining companies would gain, earned his investors a 116 percent return.

Since then, he has seen some ups and downs. His flagship fund was off roughly 10 percent through the middle of July of this year after having gained 46 percent in 2009. In 2008 he posted a 22 percent loss.

Money managers like Falcone who invest more than $100 million are required to file form 13-F within 45 days after the end of each quarter. The forms include only U.S.-listed equity securities and related derivatives. Bonds, other securities and short positions are typically not disclosed. Managers may also leave off U.S.-listed equities they own under certain circumstances or file some holdings on confidential filings.

For instance, in the case of Falcone, much of his funds' more than $2 billion investment in a wireless telecom company called LightSquared is not reflected in 13-F filings.

(Reporting by Svea Herbst-Bayliss and Matthew Goldstein; Editing by Gary Hill)
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PostSubject: Re: Famous Hedgies News/Updates/performance   Thu Aug 19, 2010 4:44 pm

Snapman wrote:
Harbinger's Falcone trims stock holdings

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Tue, Aug 17 2010
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Mon, Aug 16 2010
UPDATE 3-Soros favored gold, slashed big U.S. equities
Mon, Aug 16 2010
UPDATE 1-Paulson adds Exxon, Goldman Sachs
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Tue Aug 17, 2010 7:59am EDT
(Reuters) - Hedge fund manager Philip Falcone slimmed his stock portfolio by eliminating at least a dozen names and dramatically paring his top holding, a new regulatory filing shows.

The New York-based hedge fund manager, who is staking his reputation on a big bet that he can build a high-speed wireless network, eliminated stocks like Clearwire Corp (CLWR.O). and Mercer International (MERC.O) in his Harbinger Capital Partners Master Fund I.

Falcone also pared back Citigroup (C.N), which had been his biggest holding with 70 million shares in the first quarter, and cut telecommunications company Sprint Nextel (S.N).

At the end of the second quarter, the filing shows that he owned only 35 million shares of Citi, which has been remaking itself since being rescued with $45 billion in government bailout money. He also reduced his stake in Sprint to 35 million shares from 49.6 million shares.

During the quarter, Falcone owned 16 million shares of Palm Inc, having first announced his purchase days before computer maker HP agreed to buy the personal digital assistant manufacturer.

Falcone, whose strong returns last year helped earn him a spot as one of the industry's best-paid managers, also added 25.8 million shares of Spectrum Brands (SPB.N), known for selling everything from pet care products to small appliances like the George Foreman grill.

Recently he pledged 12.9 million of those shares as collateral for a $400 million loan he raised with the help of UBS.

Cameron International (CAM.N), a manufacturer of oil and gas pressure control equipment, including valves, wellheads, controls, chokes, blowout preventers, also appeared in Falcone's portfolio with 7 million shares.

Many other hedge fund managers made bets on energy companies whose shares had been depressed after BP's (BP.L) Gulf of Mexico oil spill.

Falcone has been one of the hedge fund industry's most closely watched managers since a savvy bet in 2007 that the U.S. housing market would collapse and that mining companies would gain, earned his investors a 116 percent return.

Since then, he has seen some ups and downs. His flagship fund was off roughly 10 percent through the middle of July of this year after having gained 46 percent in 2009. In 2008 he posted a 22 percent loss.

Money managers like Falcone who invest more than $100 million are required to file form 13-F within 45 days after the end of each quarter. The forms include only U.S.-listed equity securities and related derivatives. Bonds, other securities and short positions are typically not disclosed. Managers may also leave off U.S.-listed equities they own under certain circumstances or file some holdings on confidential filings.

For instance, in the case of Falcone, much of his funds' more than $2 billion investment in a wireless telecom company called LightSquared is not reflected in 13-F filings.

(Reporting by Svea Herbst-Bayliss and Matthew Goldstein; Editing by Gary Hill)

I definitely like Falcone's strategy of diversifying into PE/VC in order to better allocate some of his capital and also provocate new thought. Though, sometimes Meat and Potatoes is still Meat & Potatoes.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Mon Nov 08, 2010 2:00 pm

Print Back to story
Duquesne Alumni Said to Start New Hedge Fund With $5 Billion
By Katherine Burton and Saijel Kishan - Nov 6, 2010
Stan Druckenmiller’s former colleagues at Duquesne Capital Management LLC are opening a new firm with $5 billion in assets, said four people briefed on the plans, the second-largest hedge-fund startup ever.

Druckenmiller, 57, said in August that he was closing his 30-year-old hedge-fund firm and returning client capital. He will invest about $1 billion in the new fund, Point State Capital, according to the people. He will have no ownership stake in the firm, they said.

The remaining $4 billion will come entirely from former Duquesne investors, said the people, who asked not to be named because the fund is private. Jack Meyer, the former head of Harvard University’s endowment, holds the record for the largest hedge-fund startup, when he opened Convexity Capital Management LP with $6 billion in 2006. This year, the biggest new funds have opened with less than $1 billion.

“Five billion dollars is a big number, but it’s logical given this isn’t a pure startup,” said Brad Balter, head of Boston-based Balter Capital Management LLC, which farms out money to hedge funds.

Shawn Pattison, a spokesman for Point State, declined to comment, citing securities law.

Point State, which is closed to new clients, will begin trading next year and be based in New York, the people said. Sean Cullinan, who was vice chairman of Duquesne, will serve as CEO of Point State. Six former Duquesne portfolio managers will be joining the firm, which is named for a park in Pittsburgh where Fort Duquesne once stood.

30% Return

As of the beginning of November, Druckenmiller had returned about 98 percent of the $12 billion in investor capital he managed. He will open a family office in which he’ll oversee about $3 billion, said two people familiar with his plans.

In August, when he announced his retirement, his funds were down about 5 percent. He’s closing the funds with a small gain for this year, according to investors, having rightly predicted that markets would rally, buoyed by the expectation of a strong Republican showing in U.S. elections and anticipation that the Federal Reserve would announce the purchase of hundreds of billions of dollars in Treasuries to help reduce unemployment and avert deflation.

Duquesne, which has never had a money-losing year, posted an average annual return of 30 percent. A $1,000 invested in 1986 would be worth $500,000 today.

To contact the reporters on this story: Katherine Burton in New York at kburton@bloomberg.net.; Saijel Kishan in New York at skishan@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net.

®2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Wed Nov 17, 2010 3:11 pm

What the h3LL is Falcone doing?? is his personal finances that bad?


hmmm
---


Phil Falcone Pledges Art For Loan
Harbinger Capital founder Philip Falcone, who is already in hot water over a loan from one of his funds, has also pledged some of his art collection toward a loan.

Bank of America gave the loan to Falcone and his wife Lisa, with collateral described as "certain items of fine art," according to a filing with the New York Department of State.

The amount of the loan, what it is being used for and what art was pledged were not revealed in the filing made by the bank Nov. 4.

Some of Falcone's investors are also upset that he took a loan from his special situations fund last year to pay a $113 million tax bill when the same fund was closed to redemptions.

The Securities and Exchange Commission and the U.S. Attorney are reportedly investigating the circumstances of Falcone's loan from his fund.

Falcone told The Wall Street Journal that he had already paid back half the loan.

Goldman Sachs reportedly is redeeming $120 million from the fund, in part, because of concern over that loan. Blackstone Group was reported to be doing the same, while the New York State Common Retirement Fund was said to have redeemed $41 million.

Harbinger did not return a call seeking comment on the loans.

At the same time that Falcone is facing controversy over his special situations fund, his flagship fund hasn't been performing well this year; it's reportedly down 15% through October.

But Falcone is still on track to complete his next project: a 4G wireless network. LightSquared, the telecommunications company that Falcone is backing, successfully launched a satellite dedicated to the network on Monday.


HFN Daily
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PostSubject: Re: Famous Hedgies News/Updates/performance   Wed Nov 17, 2010 9:37 pm

Snapman wrote:
What the h3LL is Falcone doing?? is his personal finances that bad?


hmmm
---


Phil Falcone Pledges Art For Loan
Harbinger Capital founder Philip Falcone, who is already in hot water over a loan from one of his funds, has also pledged some of his art collection toward a loan.

Bank of America gave the loan to Falcone and his wife Lisa, with collateral described as "certain items of fine art," according to a filing with the New York Department of State.

The amount of the loan, what it is being used for and what art was pledged were not revealed in the filing made by the bank Nov. 4.

Some of Falcone's investors are also upset that he took a loan from his special situations fund last year to pay a $113 million tax bill when the same fund was closed to redemptions.

The Securities and Exchange Commission and the U.S. Attorney are reportedly investigating the circumstances of Falcone's loan from his fund.

Falcone told The Wall Street Journal that he had already paid back half the loan.

Goldman Sachs reportedly is redeeming $120 million from the fund, in part, because of concern over that loan. Blackstone Group was reported to be doing the same, while the New York State Common Retirement Fund was said to have redeemed $41 million.

Harbinger did not return a call seeking comment on the loans.

At the same time that Falcone is facing controversy over his special situations fund, his flagship fund hasn't been performing well this year; it's reportedly down 15% through October.

But Falcone is still on track to complete his next project: a 4G wireless network. LightSquared, the telecommunications company that Falcone is backing, successfully launched a satellite dedicated to the network on Monday.


HFN Daily

Makes you wonder sometimes how these guys can manage other people's money but not their own....Seems like BAC loves handing out loans (subsidizing the lifestyles) to many stars/celebrities. I remember reading that MIchael Jackson had a 250 mm loan outstanding to BAC upon his death. I guess BAC figures if the loan goes bad they can steal "art assets" at a cheap valuation.
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PostSubject: Re: Famous Hedgies News/Updates/performance   Tue Jul 19, 2011 3:21 pm

Man Group Acquires Lehman Liabilities
One of the world's largest hedge fund, Man Group, announced it has purchased all the remaining exposure of Lehman liabilities to funds from GLG Partners.

The liabilities were purchased for $355 million in cash at their current net asset value, according to a Man statement on Monday.

Man CEO Peter Clarke said the purchase will remove any "uncertainty" from GLG funds with claims to Lehman assets since Lehman's bankruptcy in 2008 in order to give new investors confidence to invest in the funds.

Man acquired the hedge fund firm GLG Partners for $1.6 billion in October.

Man Group, which moved into its new London headquarters last week, has $71 billion in assets under management.

Via HFN Daily
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PostSubject: Re: Famous Hedgies News/Updates/performance   Tue Jul 19, 2011 3:23 pm

Icahn is like a one man P/E machine.... well kinda..

Icahn Offers $12.6B for Clorox
Activist investor and former hedge fund manager Carl Icahn offered Friday to purchase Clorox for $12.6 billion.

Icahn, whose investment firm Icahn Enterprises, owns 9.4% of the Oakland, Calif. company, said in a letter to Clorox CEO Donald Knauss that his purpose is not to buy Clorox so much as to prompt the company to invite "numerous superior bids" from other investors.

The investors he suggested included Procter and Gamble, Unilever, Colgate Palmolive, Reckitt Benckiser, Kimberly Clark, and Henkel AG.

Icahn said Clorox and Clorox stockholders would receive $76.50 per share net in cash in his offer, which represents 21% increase from the closing price of Clorox stock on December 20 when Icahn first invested in the company. Clorox stock jumped up over $5 in share value to around $73.90 on Friday after news of Icahn's offer.

Icahn also said should he fail to close on the purchase by July 29 if the sale is approved by Clorox's Board of Directors, then Clorox will be paid $100 million for their "time and effort."

Clorox is the $5.2 billion manufacturer and marketer of such items as Pine-Sol cleaners and Burt's Bees natural personal care products.

Clorox, in a press release Friday, acknowledged that it had received Icahn's offer and that Clorox's board will "review the proposal in due course."

Icahn is known for the proxy fights he initiated in companies he actively has a stake over the years such as ImClone Systems. He also ran a hedge fund for several years before closing the fund late last year.






The babies of the Tiger Cub generation continues to grow....

Third Point, Brahman Capital Alums Launch Fund
Former analysts from Third Point and Brahman Capital have officially launched their new hedge fund.

The New York-based hedge fund, Bow Street Partners, officially launched earlier this month and has so far made $43 million in sales, according to a Securities and Exchange Commission filing on Thursday.

The fund was founded by Howard Shainker, who covered investments in the financial services and retail/consumer sectors for Daniel Loeb's firm Third Point, and Akiva Katz, an analyst for Peter Adam Hochfelder's Brahman Capital. Both are graduates of Harvard Business School.

Bow Street was helped along in its launch with $100 million in seed money from private equity giant The Blackstone Group.


via HFN daily
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PostSubject: Re: Famous Hedgies News/Updates/performance   Fri Aug 12, 2011 1:39 pm

Nice try Ken... lol


Citadel Is In Selling and Closing Mood
Chicago-based hedge fund firm Citadel is in discussions to sell its investment bank and will close the equity-research group of its securities unit.

Citadel Securities, the firm's New York subsidiary formed in late 2008 to offer underwriting, trading, and financial advice, will now concentrate on providing electronic trading to institutions and on running its market-making business, according to a Bloomberg report.

Devon Spurgeon, a spokeswoman for Citadel, declined to comment on the report when contacted by HedgeFund.net.

The recent happenings at Citadel come at a busy time for the firm as its founder Ken Griffin has demanded online trader E*Trade explore a sale and change its board.

Citadel, founded in 1990 by Griffin, has $11 billion in assets under management.


Via HFN Daily report
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