Hedge Fund News: Carl Icahn, David Einhorn, Dell Inc. (DELL)

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Editor’s Note: Related tickers: Dell Inc. (NASDAQ:DELL), INTL Fcstone Inc (NASDAQ:INTL), J.C. Penney Company, Inc. (NYSE:JCP), Deutsche Bank AG (USA) (NYSE:DB)

Hedge Fund StrategiesIcahn files lawsuit over Dell buyout offer (NineMSN)
Carl Icahn‘s complaint seeks to prevent the company from setting a new record date for a special meeting at which shareholders will vote on an offer that Dell Inc. (NASDAQ:DELL) recently raised. Dell Inc. (NASDAQ:DELL) and the Round Rock, Texas, company agreed months ago on a deal in which Michael Dell will buy the company for $US24.4 billion ($A27.46 billion), or $US13.65 per share. Icahn and other big Dell Inc. (NASDAQ:DELL) investors have said that offer undervalues the company. Dell Inc. (NASDAQ:DELL) has since raised that offer to $US13.75 per share, and a board committee has proposed changing the record date for a special meeting on it.

Greenlight Capital Bounces Back in July (InstitutionalInvestorsAlpha)
It is turning out to be a good year so far for David Einhorn’s Greenlight Capital, though it might have been even better if Einhorn had kept betting against J.C. Penney Company, Inc. (NYSE:JCP), which he calls his “most profitable short of 2012.” He still doesn’t believe the embattled retailer is going to succeed, but he played it safe and covered his short positions in April, around the same time the board ousted CEO Ron Johnson, only to see the stock drop further this week.

Man Group shares jump after outflows, fees beat forecasts (Reuters)
Hedge fund manager Man Group Plc (EMG.L) said clients continued to pull money out of its funds but at a slower rate than some analysts had forecast, helping lift its shares from recent lows. The former member of the blue-chip FTSE 100 index .FTSE, whose shares are down nearly 70 percent since the start of 2011 on the back of poor fund performance and client outflows, also said its performance fees were boosted by a strong first half from its GLG unit. Man said clients withdrew $1.3 billion during the second quarter, making it Man’s eighth consecutive quarter of outflows, but beating forecasts from analysts at RBC Capital Markets of $2.1 billion. The outcome was also less than the $3.7 billion withdrawn in the first quarter.

The Fall of a Predator (CounterPunch)
On July 25th SAC Capital, a hedge fund founded and run by Steven A. Cohen, was indicted for insider trading. Up until now, Cohen has managed to avoid being hauled off perp-style with his jacket over his head. Even after a number of his underlings began serving time, Cohen continued to enjoy the benefits of what is obviously a criminal enterprise. With all proportions guarded, his status reminds me of how holocaust deniers can make the case for Hitler even to this day. Where is there a document with Der Fuhrer ordering the gassing of Jews?

INTL FCStone Announces Hedge Fund Capital Raising Team (MarketWatch)
INTL Fcstone Inc (NASDAQ:INTL) +2.65% today announced the appointment of George Lucaci as head of their wholly owned subsidiary, INTL FCStone Securities Inc.’s new hedge fund capital-raising group. Joined by Eric Blessing, Edward Kuhnel, and George Gowdy, this new group will work in consultation with hedge fund managers to review their strategy, focus their brand, and optimize their structure to meet the demands of sophisticated institutional investors. Their experience has allowed them to assess each fund’s position in the prevailing marketplace and provide insight as to the allocation process from an institutional investor’s perspective.

Caxton reopens hedge fund to new investors (FT)
Caxton Associates, a hedge fund manager with $7bn under management, has reopened its main fund to new investors in the belief that global markets are rife with investment opportunities. The firm is the first of the big “global macro” funds – which speculate on shifts between national economies via currencies, bonds or derivatives – to begin accepting new capital in several years. “Our enthusiasm stems from an identifiable change in the market environment in recent months,” Caxton said in a letter sent to clients earlier this year notifying them about the fund’s reopening.

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