The World Series of Poker $1 Million Buy-In Tournament: The Big One for One Drop (PokerFuse)
Hedge fund manager David Einhorn now has the best bad beat story in poker after exiting the $1 million buy-in Big One for One Drop after just 45 minutes of play. Einhorn three bet a Sam Trickett pre-flop raise, Trickett called and the flop came down 2-J-6. The two were well aware of each other’s game having finished 3rd and 2nd respectively in the first One Drop event in 2012, so Trickett’s call of Einhorn’s continuation bet was not unexpected. Einhorn had flopped a set of jacks, and the three of spades on the turn filled out the rainbow board texture and looked as unthreatening as any card could be.
Is George Soros dipping his toe into shareholder activism? (TheGlobeAndMail)
Is George Soros turning activist? His $29-billion (U.S.) hedge fund has famously confronted governments. But facing off with a $1-billion U.S. oil and gas company is novel. The move gives underperforming corporate bosses another scourge to fear. A bellicose letter from Soros Fund Management to Penn Virginia Corporation (NYSE:PVA) on Wednesday could easily have come from an established activist like Carl Icahn. Scott Bessent, the chief investment officer at Mr. Soros’s firm, wrote that chief executive officer Edward Cloues has presided over “investor relations disasters” and is responsible for “egregious” strategic choices.
Hedge Fund Charged With Manipulating Futures Contract Prices (HedgeCo)
Federal Judge Analisa Torres has rejected arguments put forward by a hedge fund-like firm and cleared the way for a lawsuit filed by the FTC in New York, Reuters reports. The CFTC claims that Donald R. Wilson and his company, DRW Investments, profited by at least $20 million, while their trading counterparties suffered losses of an equal amount. “Traders cannot engage in manipulative acts to affect the price of futures contracts to achieve their desired profits, regardless of the so-called motive.
Implications Of AIFMD For U.S.-Based Hedge Fund Managers (Finalternatives)
For most people in the Northern Hemisphere, July is a month to rest and relax, but for fund managers subject to new EU regulations, July has been a month to meet deadlines. The European Directive on Alternative Investment Fund Managers came into force in July 2011 and was required by law to be implemented in all 28 EU member states (plus Norway, Iceland and Liechtenstein) by July 2013. July 2014 brings further requirements, specifically for hedge fund managers based outside of the EU.
Hedge fund manager reinvents himself into luxury shuttle service owner (InAutoNews)
At any given moment, Richard Fertig, before 2009, was the fortunate manager of a hedge fund portfolio worth $4 billion – and he found out it was not nearly enough to get back in the race after the latest Great Recession took his job. So, in a usual American style, he took the time to reinvent. He decided the best course of action would be to address one of his previous employments biggest headaches – the painful low-quality of ground transportation. He moved to establish Brilliant Transportation, which is another take on the shuttle business – albeit definitely one that can only be afforded by those seeking luxury…