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Hedge Fund News: Dan Loeb, D.E. Shaw & Nelson Saiers

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Billionaire hedge fund boss denies Vanity Fair allegations he crashed into a child and was jailed while holidaying in Cuba (DailyMail)
One of America’s richest businessmen has denied claims that he was detained following a car accident in Cuba after ‘hitting a local kid with his car’. Daniel S. Loeb, the hedge fund manager who founded Third Point LLC, was involved in an accident while enjoying a weekend trip to Cuba, according to Vanity Fair. The piece, written for the magazine’s December edition, alleges that the incident happened while Loeb, 51, was on holiday with friends in 2002. But Mr Loeb’s lawyer told the New York Post that the allegations are ‘entirely untrue’.

what is a hedge fund

Funds of hedge funds recast dismal model (FT)
How many investments have yet to recover from 2008? Most – if not all – major markets are well beyond their pre-crash peaks, at least in absolute terms. Most investment strategies too, have bounced back. Five years on, the idea that anyone should have failed to recover from the collapse of Lehman, and its attendant crises, is almost absurd, even given the volatile and difficult conditions in the years since. Spare a thought, then, for the fund of hedge fund managers of this world. And spare some tears for their clients.

Here’s How Hedge Funds Are Trading Puerto Rico (BusinessInsider)
There has been a recent flurry of activity regarding Puerto Rico, involving their debt, rating agency views of that debt, the bond insurers that have been insuring their debt, the state-specific mutual funds that are holding Puerto Rico debt, and the projected plans of the Puerto Rican government to improve their deteriorating credit picture and economic situation. We have new (August) economic information from Puerto Rico; see here. And we have the October 18 detailed financial report linked below.

Hey Banksy: Hedge Fund Manager To Go Ahead With Sandy Donations (HedgeCo)
Hedge fund manager Nelson Saiers has updated us here at HedgeCo saying, “ On the eve of Sandy, I’ve decided to waive the criterion on Banksy and just donate the money to benefit underpriviledged children. I still have 142,000 of anonymous donations whose donors are waiting for Banksy.” The official statement reads: “As the anniversary of Hurricane Sandy is upon us, I’ve decided to waive the criterion on my original letter and will donate the original $100,000 to World Vision to benefit underprivileged children in Sandy affected areas.

SEC sues investor over alleged Carter’s insider-trading scheme (GlobalPost)
The Securities Exchange Commission filed a civil complaint Tuesday against a retired hedge-fund investment consultant and market analyst who allegedly participated in an insider trading scheme involving Atlanta-based clothing marketer Carter’s Inc. Dennis Rosenberg, 70, was able to trade in advance of marketing-moving news from Carter’s based on tips received from a former executive at the company between 2005 and 2010, according to the complaint in federal court in Georgia. Rosenberg passed along tips to investment advisers at two hedge funds, who also traded on the information, the complaint said.

Hedge Funds Shorting World Acceptance Urge Consumer Bureau Probe (BusinessWeek)
Hedge funds betting against shares of World Acceptance Corp. (NASDAQ:WRLD) have been pressing the U.S. Consumer Financial Protection Bureau to investigate the installment-loan firm, according to people briefed on the discussions. The overtures from funds including New York-based Kase Capital Management and Boston-based North Run Capital make the bureau the latest target of investors trying to prod Washington regulators and policy makers to take actions that could benefit their trading strategies. Some funds also have met with congressional aides and consumer advocacy groups to encourage them to focus on World Acceptance, the people said.

Schapiro: More & better quality capital in system (CNBC)

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