Hedge Fund Highlights: Carl Icahn, Paul Singer & Philip Falcone

U.S. would face hurdles bringing case against Icahn, Mickelson: lawyers (Reuters)
Questions about how to apply securities law to activist investors could complicate any potential insider trading case against billionaire Carl Icahn, pro-golfer Phil Mickelson and Las Vegas gambler William Walters, legal experts said. U.S. federal investigators are looking into whether Mickelson and Walters may have traded illegally on private information provided by hedge fund manager Icahn, a source familiar with the matter said on Friday. None of the three men has been accused of any wrongdoing, the source said.

Carl Icahn as viking

Argentina Leaves Singer for Last in Preparing Bond Market Return (Bloomberg)
Accords with the World Bank, Repsol SA and now the Paris Club have put Argentina on the cusp of returning to international bond markets. The country has left the toughest deal for last. After a 20-hour meeting with officials from the Paris-based group of creditor nations, which kept President Cristina Fernandez de Kirchner awake until 2 a.m., Argentina said yesterday that it agreed to pay $9.7 billion over five years to settle claims stretching back to the government’s record $95 billion default in 2001. South America’s second-biggest economy hasn’t issued bonds in international markets since it stopped payments. Solving the remaining dispute with holdout creditors including billionaire Paul Singer’s Elliott Management Corp. is becoming more urgent with foreign-exchange reserves stuck near an eight-year low.

After Fighting Insider Trading Charges for 10 Years, a Fund Manager Is Cleared (New York Times)
Standing outside a Manhattan federal court on Friday, Nelson Obus put on his victory tie. A jury of five men and five women had just cleared him of insider trading accusations, which Mr. Obus, a 67-year-old hedge fund manager, had spent more than 10 years and $9 million battling in court. The bright red tie, he had told his lawyers earlier in the day, was for his “win.” The outspoken Mr. Obus, who earlier in the day wore striped socks, a light gray suit and a dark blue tie with pictures of constellations, breathed a loud sigh of relief as the decision was read. His wife, Eve Coulson, sat stone-faced behind him.

Falcone’s Harbinger Seeks Government Action on LightSquared (Wall Street Journal)
Hedge-fund manager Philip Falcone is taking aim at the federal government over its refusal to authorize LightSquared to launch a wireless network. In a letter addressed to the Federal Communications Commission, lawyers for Mr. Falcone’s Harbinger Capital Partners LLC hedge fund complained that the “billions of dollars” it sunk into LightSquared has been for naught after regulators ordered an “indefinite halt” to further development of LightSquared’s network.

Valeant boosts $53.8 billion Allergan bid as Ackman opts for stock (Reuters)
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) said on Friday it would boost its takeover bid for Botox-maker Allergan, Inc. (NYSE:AGN) for the second time this week, contingent on the two sides negotiating. Laval, Quebec-based Valeant said it would pay $72 in cash – up from $58.30 on Wednesday – and 0.83 share of Valeant stock for each Allergan share. The revised, unsolicited offer was triggered by Pershing Square, the hedge fund controlled by Bill Ackman that is Allergan’s biggest shareholder, agreeing to take only stock in Valeant for its Allergan shares. The offer is worth $53.8 billion, up from Wednesday’s $49.9 billion bid.

PE deals in Asia off to a strong start: Bain & Co (CNBC.com)


Fourth defendant indicted in Carter’s Inc. trading conspiracy (Atlanta Business Chronicle)
Steven E. Slawson was indicted by a federal grand jury for participating in a long-running insider trading conspiracy involving Atlanta-based Carter’s, Inc. (NYSE:CRI) stock. According to U.S. Attorney Sally Quillian Yates, the charges, and other information presented in court: Slawson, 67, of Lebanon, N.J., was the co-founder of Titan Capital Management LLC, a hedge fund manager in Parsippany, N.J. At Titan, Slawson co-managed a multimillion dollar portfolio of the securities of publicly-traded companies.

Without Ballmer, goal remains the same for Chris Hansen (KGMI)
San Francisco hedge fund manager Chris Hansen is still committed to returning the NBA to Seattle. Just a day after his top financial partner entered into a deal to buy the L.A. Clippers, the Seattle Arena investor released a statement congratulating Steve Ballmer on his bid and reassured Emerald City hoop fans that the goal remains the same.

Activist Fund Blue Harbour Sells Minority Stake to Neuberger Berman Fund (Wall Street Journal)
Activist investor Blue Harbour Group LP sold a roughly 20% stake to investment manager Neuberger Berman Group LLC, according to a letter sent to Blue Harbour investors Thursday and people familiar with the matter. Blue Harbour CEO Clifton S. Robbins, who labels himself as a friendly activist and says he won’t fight the public campaigns many activists are known for, told his investors in the letter that Neuberger’s presence would help with boards and management.

Huttenlocher’s Myriad Hedge Fund Said to Approach $3 Billion (Bloomberg)
Myriad Asset Management Ltd., the hedge fund led by former Highbridge Capital Management LLC Asia head Carl Huttenlocher, is approaching $3 billion of assets, said three people with knowledge of the matter. Assets jumped from almost $2.4 billion early this year after Myriad accepted more capital from investors, said the people, who asked not to be identified because the information is private. Huttenlocher said in November 2011 that he planned to stop taking more investor capital when his fund assets hit $2 billion.

KKR closes equity hedge fund (Opalesque)
Global investment firm KKR & Co. L.P. (NYSE:KKR) or Kohlberg Kravis Roberts said it would shut down its hedge fund that invests in stocks after making waves in 2010 when the firm poached a team of proprietary traders from investment bank Goldman Sachs Group Inc (NYSE:GS), various media reported. The New York Times said KKR’s hedge fund division, KES, has divested its positions and would return investors money in the coming days. The proprietary team, led by Robert Howard, failed to achieve the goal set by KKR. KES managed $510m in assets as of May, with around $337m from outside investors.

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Top 10 Highest Paying Jobs in the World

Most Expensive Day-Care in New York City

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!