Hedge Fund News: Edward Lampert, Barry Rosenstein & Farallon Capital

Page 1 of 2

Mulally gave turnaround advice to Sears’ Lampert, report says (AutoNews)
Eddie Lampert, the controlling shareholder at retailer Sears Holdings Corporation (NASDAQ:SHLD) and the largest shareholder in AutoNation, Inc. (NYSE:AN), met with Ford Motor Company (NYSE:F). CEO Alan Mulally earlier this year to seek advice on how to turn around the ailing Sears-Kmart chain, two sources familiar with the matter told Reuters. One of the sources said that Mulally, who is due to retire from Ford in July, was left with the impression that Lampert was gauging whether Mulally might be open to the possibility of becoming Sears’ next CEO. The second source said Lampert, who is currently Sears’ chairman and CEO, did not offer Mulally a job and there is no search process under way for a new CEO.

ESL INVESTMENTS

State says hedge fund fraud results in $55M repayment order (NJBiz)
The New Jersey Division of Consumer Affairs and Bureau of Securities announced Friday that a group of alleged securities fraudsters had been ordered to pay more than $55 million. The perpetrators include defendants Peter Zuck of Middletown, MichaelJ. Spak of Chesterfield, Joseph C. Spak of Milltown and John R. Najarian of Hillsdale, according to a news release. They ran “a purported hedge fund based in Jersey City that operated a massive securities fraud scheme,” the release said.

Blackstone-Backed Hedge Fund Shuts Down (WSJ)
A hedge fund manager backed by the The Blackstone Group L.P. (NYSE:BX) +2.28% has shut down, according to people familiar with the matter. Sureview Capital LLC, a Greenwich, Conn.-based, stock-focused fund manager founded by former Tiger Management trader John Wu made the decision to close earlier this year and has been liquidating its portfolio in recent weeks, the people said. A Blackstone fund seeded the firm with $150 million for its 2011 launch, in exchange for a slice of fees earned, one person said.

How fund managers spend your money (FT)
In Turney Duff’s account of his drug-addled and alcohol-soaked days picking shares for a hedge fund, recounted with great relish in The Buy Side, a broker pitching for trade asks Mr Duff what he can do to get more of his business. “Well, you can start by taking me to Vegas,” he responds. So they do. Not just Las Vegas, but Florida too. They charter private jets and attend sporting events where the thrill of the match is amplified by cocaine and parties where sex is on call.

Steyer unveils $2M climate relief fund (TheHill)
Billionaire environmentalist Tom Steyer is kick-starting a $2 million disaster relief fund for victims of wildfires and other extreme weather he says is brought on by climate change. Steyer unveiled the Climate Disaster Relief Fund with his wife Kat Taylor Friday. The fund will be managed by the San Francisco Foundation, which will provide grants to organizations serving the victims of U.S. “climate-related disasters,” NextGen Climate said. Steyer plans to have the fund help those dealing with wildfires in Western states first.

Oaktree Considers AdvancePierre Sale As Hungry Bidders Dig Into Meat Deals (Forbes)
The bidding war that’s shaping up in the meat industry over Hillshire Brands Co (NYSE:HSH), with Tyson Foods, Inc. (NYSE:TSN) and Pilgrim’s Pride Corporation (NASDAQ:PPC) each plunking down $5 billion-plus offers, is just the latest in a series of frantic attempts by food companies to beat both rising commodity costs and a slow consumer spending environment. Never one to be left out of the action, Oaktree Capital could be the next benefactor of the feeding frenzy. The hedge fund has also held exploratory talks with advisors in a renewed effort to exit its AdvancePierre Foods investment, four sources familiar with the matter tell Debtwire.

Wall Street Traders Are About To Be In A World Of Pain (BusinessInsider)
“Sometimes I look at these guys resumes and I say, you’re kind of f—d man,” said Jesse Marrus, founder of Wall Street recruiting site StreetID. The guys are traders, without a doubt the rowdiest, riskiest bunch on Wall Street with a very singular skill. And right now demand for that skill is plummeting. The market is quiet so it’s hard for them to make money. Without the money they bring in, shops — banks, hedge funds, trading firms etc. — can’t afford to keep expensive employees they don’t really need. So a lot of traders are about to be let go, and since their skills are so niche, there aren’t many place they can go.

Cashin: Tepper tapered trepidation (CNBC)

Page 1 of 2
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

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!