Adage Buys in $ADLR, Barach Protest, Fir Tree 5.5% in $MF

Adage Capital Built a New Position in $ADLR (InsiderMonkey)

Adage Capital filed on November 16th for its new position in Adolor Corp (ADLR). The SEC 13G filing shows the firm now takes 2.34 million shares in ADLR, corresponding to a 5.03% passive stake ownership. Adage Capital did not have any share in ADLR before, and the firm passed the 5% ownership threshold on November 7th. ADLR skyrocketed on October 24th when Cubist Pharmaceuticals (CBST) signed a definitive agreement to acquire ADLR for $4.25 per shares in cash. Now ADLR has returned nearly 290% since January, and is trading at $4.72 now. Other seven hedge funds in our list were bullish about ADLR in the second quarter. Julian Baker And Felix Baker’s Baker Bros. Advisors had the most among the hedge funds, with 6.95 million shares. Jim Simons’ Renaissance Technologies had 2.30 million shares, slightly down by 2% from Q1.

Phill Gross

Daniel Barach Stages One-Man Protest (HedgeFund)

Daniel Barach is a former hedge fund manager now aiming his attack at tax loopholes beneficial to his colleagues. Barach led his one-man protest against the “carried interest” tax in Greenwich, Conn. on Wednesday and in New York City on Thursday, according to news reports. The tax on carried interest – the amount hedge fund and private equity managers make from a firm’s performance – is currently 15%. President Barack Obama has been seeking to raise that rate to 35%, the same tax rate on ordinary income, in order to produce additional revenues to deal with the country’s $14 trillion debt. The Greenwich Time and the International Business Times have reported that Barach, a New York resident who once ran the hedge fund firm MLT Capital, has stood on a Greenwich street and showed up near New York’s Zuccotti Park, the unofficial home of the Occupy Wall Street movement. On both occasions, he has worn a sign around his neck that reads, “STOP Tax Breaks for Hedge Fund Managers.”
Jeffrey Tannenbaum’s Fir Tree Capital Revealed 5.5% Passive Stake in MF Global (InsiderMonkey)
Jeffrey Tannenbaum’s Fir Tree Capital reported 5.5% passive stake in MF Global Holdings Ltd. (MF) on November 15th. Fir Tree Capital now takes 9 million MF shares. This is a brand-new position since the firm did not have any share in MF before. It seems that Fir Tree Capital was buying the tip value in MF after David Tepper’s Appaloosa Partners, which reported a 14.25 million shares distressed investment position on November 14th. MF Global reported $191.6 million quarterly loss after the company lost $6 billion in European sovereign debt. It filed bankruptcy on October 31st.

‘Hedge Fund Mgr.’ Offered Facebook, Groupon Shares (FINAlternatives)

A Florida man has been accused of using a phony hedge fund to lure clients into investing $12.6 million by promising access to highly-sought-after initial public offerings. John Mattera was arrested yesterday at his home in Fort Lauderdale, Fla. According to prosecutors and the Securities and Exchange Commission, he promised investors that he’d put their money into escrow accounts pending the promised IPOs, for companies such as Facebook and Groupon Inc. But the complaint alleges Mattera’s Praetorian Global Fund had none of the promised access, and that he instead spent almost $6 million of investor cash on a luxurious lifestyle, his taxes and to settle a lawsuit.

Steven A. Markel Bought $MKL (InsiderMonkey)

Steven A. Markel recently bought 12,500 shares in Markel Corp (MKL). Steven A. Markel is the vice chairman and director in Markel Corp. According to the Form 4 filing, Mr. Markel made 2 insider purchases for total 12,500 shares in MKL on November 15 and 16, giving him approximately 2.30 million shares in the company. His purchase price was about $396.6. MKL has return 4% year to date and is trading at $395.15 now.

Chicago Hedge Fund Manager Sentenced to 20 Years (Reuters)

A federal judge on Thursday handed a 20-year prison sentence to Philip Baker, the former managing director of the collapsed Chicago hedge fund Lake Shore Asset Management Ltd. Baker, a 46-year-old Canadian citizen, was sentenced to the maximum for a single wire fraud count by U.S. District Judge John Darrah for his role in soliciting $294 million from 900 investors worldwide, according to the office of U.S. Attorney Patrick Fitzgerald in Chicago.
Skowron Sentenced to Five Years (NYT)
Joseph F. Skowron had everything going for him. A Yale-educated doctor, Mr. Skowron gave up a budding career as an orthopedic surgeon for the riches of Wall Street. He became a star hedge fund manager, using his medical knowledge to earn millions of dollars trading health care stocks. He lived with his wife and four young children in a $7 million mansion in the wealthy Connecticut suburb of New Canaan, where he could be seen driving through town in his Aston Martin. On Friday, a federal judge in Manhattan sentenced Mr. Skowron to five years in prison for insider trading, capping a remarkable reversal of fortune for the fair-haired 42-year-old.
H.P. Gives Relational’s Whitworth a Board Seat (NYT)
Hewlett-Packard said on Thursday that it had named Ralph V. Whitworth, the head of the hedge fund Relational Investors, to its board as the computer giant seeks to head off potential campaigns by activist shareholders. Mr. Whitworth will take a seat on H.P.’s newly expanded board, which now numbers 14 directors, according to a company statement. He will sit on the board’s investment and compensation committees. “We believe that Ralph will bring a constructive voice and a track record of value creation into the boardroom,” Ray Lane, H.P.’s executive chairman, said in a statement. “We look forward to benefitting from his perspective and experience.”
Grosvenor Fund Tops $120 Million (FINAlternatives)
Grosvenor Capital Management has raised nearly $124 million for its main fund. The Chicago-based firm said it had raised $123.9 million for the multi-strategy vehicle, which it launched three years ago. The fund of hedge funds boasts a large number of institutional investors and other hedge funds among its clients. Grosvenor manages a total of about $24 million.
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