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Hastings Sells, Vanquish Loses, Yahoo Buys, Transocean Indemnity

Netflix CEO Reed Hastings Sells His Stock in the Company (YCharts)

As the bloodbath for Netflix (NFLX) investors carries on, perhaps the CEO could boost a little confidence in the company if he would stop selling his own shares. 

Netflix, Inc. (NASDAQ:NFLX)

Vanquish Capital Group Loses Appeal Against Wells Fargo (FINAlternatives)

A federal appeals court in Manhattan has likely put an end to one hedge fund’s four-year fight with Wells Fargo & Co. over a credit default swap. The Second Circuit Court of Appeals overturned a lower-court ruling that could have subjected Wells Fargo, which inherited the case when it acquired Wachovia Corp., to a Financial Industry Regulatory Authority arbitration hearing. The appeals court ruled that Vanquish Capital Group had no right to such a hearing. The negative result is the second in a month for VCG: Its Special Opportunities Fund was ordered to pay more than $2 million to Wells Fargo earlier in October, the result of the bank’s countersuit against the hedge fund. VCG had claimed that Wachovia demanded higher-than-normal margin payments on a 2007 CDS—what began as $750,000 in collateral for a $10 million swap on a collateralized debt obligation rose to more than $10 million—more than one-sixth of the hedge fund’s total assets—within several months. VCG sued Wachovia when it demanded a final $550,000 payment that would have pushed VCG’s collateral in excess of the face value of the swap.

Rothstein Kass Issues Updated Alternative Investment Fund Proforma Financial Statements Manual (MarketWatch)

Rothstein Kass ( ), a leading service provider to the alternative investment community, has published the “Alternative Investment Fund Proforma Financial Statements Reference Manual,” an advanced reference guide for preparers of financial statements for hedge and hybrid funds, fund of funds and master-feeder structures ( ). The latest edition of the Rothstein Kass reference manual includes sample financial statements for Domestic Fund, L.P.; Offshore Fund, Ltd.; Master Fund, L.P.; Domestic Feeder, L.P.; and Offshore Feeder, Ltd. structures.

Yahoo Buys Interclick for $270 Million (WSJ)

Yahoo Inc. said it plans to acquire online-advertising technology company Interclick Inc. in a deal valued at roughly $270 million. Interclick designs tools to help marketers target online customers. Under the proposed deal, Yahoo is offering Interclick shareholders $9 a share, a 22% premium to the stock’s Monday close. The tender offer is expected to close early next year. The acquisition is meant to help solve what has been a chronic problem for Yahoo: digital-ad sellers buying up ad space on Yahoo websites and selling it to advertisers for a much higher price. Yahoo has thus been losing out on tens of millions of dollars in revenue a year or more, industry experts say.

Transocean Filed Motion to Force BP to Indemnify it Against Deepwater Horizon Spill Damages (WSJ)

Transocean Ltd. filed a motion in federal court Tuesday to force BP PLC to indemnify it against damages related to the Deepwater Horizon oil spill. The legal salvo is the latest in an increasingly bitter contractual dispute between the companies over whether the Switzerland-based Transocean should help pay billions of dollars in costs and government penalties. Federal investigations into the incident have put blame on both BP and Transocean in the 2010 spill, which occurred after a drilling crew lost control of an oil well in deep water off the coast of Louisiana. BP has agreed to pay costs related to cleaning up the spill. But the London-based oil giant is seeking to have Transocean help cover the oil-spill cleanup costs, arguing that Transocean and its employees bear partial responsibility for the accident. Transocean, owner of the world’s largest fleet of offshore deepwater drilling rigs, says that BP agreed in its contract to “defend, indemnify and hold harmless” the driller.

Javelin Capital’s Maiden Hedge Fund Ends First Year With Gain (FINAlternatives)

Javelin Capital’s Global Equity Strategies Fund marked its one year anniversary on September 30th by doing something not all hedge funds have done YTD—posting gains. The market neutral fund with significant emerging markets exposure returned 3% in September alone, 1.92% for Q3 2011 and 0.55% YTD. Its positive 12-month return compares favourably to the 18.14% loss for the MSCI Emerging Markets Index. Said Javelin Capital CIO (and Goldman Sachs alumnus) Victor Pina in a statement: “Through the use of different innovative investment approaches, we were able to produce a mildly positive return in our first year even under extreme market conditions. Our risk management techniques, which have been developed and refined through years of investing in booms and crashes in emerging markets, have proved resilient. The fund has successfully preserved capital, whilst at the same time maintaining volatility, especially its downside volatility, well within target range.”

Bank of America Removes Hotly Contested Debit Card Fees (WSJ)

Bank of America Corp. has dropped its plan to charge customers $5 a month for making purchases with their debit cards, responding to a customer backlash after the fee was announced in September. The move is the highest-profile retreat on the issue, following decisions last week by Wells Fargo & Co. and J.P. Morgan Chase & Co. to drop customer tests of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said Monday that they will stop charging customers for debit-card transactions. Bank of America decided against the fees because of negative customer feedback on the plan and the moves by rivals, which left the Charlotte, N.C., lender as the only big bank planning to levy the fee on some customers next year.

Hedge Fund Advisor Penalized for Stock Purchase Scheme (HedgeFund)

The Securities and Exchange Commission has filed a civil injunctive action against a hedge fund advisor and its co-owner for allegedly carrying out stock purchases illegally. The SEC alleged in its complaint Monday that Drake Asset Management of Glen Head, NY, and Oliver Grace, Jr., of Hobe Sound, FL, schemed to purchase stock in seven banks in violation of the group purchase limits on the public offerings for those banks. The agency also alleged Grace “knowingly or recklessly failed” to disclose his association with hedge funds managed by Drake. Grace has been ordered by the SEC to pay $988,285 without admitting or denying the allegations in the complaint, and Drake Asset has been ordered to pay $175,000 without admitting or denying allegations. The website for Drake Asset Managements states that the firm is “active in global money management of public and private investments” and is an “active investor in savings banks since 1987.”

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