Morgan Stanley Beats Counterclaim In $41M Gas Account Row (Law360)
A New York federal judge on Monday refused to revive a hedge fund’s breach of contract counterclaim against Morgan Stanley (NYSE:MS) in a $40.6 million dispute over a natural gas futures trading account, saying he had not overlooked evidence cited by the fund when previously dismissing the claim. According to U.S. District Judge Andrew L. Carter Jr., he had not ignored a phone call between Peak Ridge Master SPC Ltd. and Morgan Stanley (NYSE:MS) purportedly giving the fund more time to hit a margin requirement when dismissing the…
Six Brilliant Hedge Fund Managers Played In A Secret Poker Tournament Last Night (BusinessInsider)
Last night, six of Wall Street’s brightest hedge fund managers met at the Borgata in Atlantic City for a secret charity poker tournament hosted by Bloomberg TV. The event was called “Poker Night On Wall Street” and you’ll be able to watch the whole thing in August (with Trish Regan hosting the Bloomberg TV special), but we’ve got a few details for you now. There was a $50,000 buy-in and all told the event raised over $300,000 for charity. David Einhorn (Greenlight Capital), Steve Kuhn (Pine River Investments), John Rogers (Ariel Investments), Jim Chanos (Kynikos Associates), Mario Gabelli (Gabelli Asset Management), and Bill Perkins (Skylar Capital) all participated.
Hedge Fund Drama, Appearing on Your Screen (NYTimes)
It was a locker room diss between billionaires. But it took place on the computer screens of traders across Wall Street. A longstanding dispute over the nutritional supplements company Herbalife Ltd. (NYSE:HLF) — which helped a business channel put reality television to shame earlier this year — erupted in a racy taunt on Tuesday. …First, the background. Mr. Loeb took a position in Herbalife Ltd. (NYSE:HLF) in January, betting the company’s stock would rise, that put him squarely in opposition to William A. Ackman, the hedge fund manager who announced a bet against Herbalife Ltd. (NYSE:HLF) in December. Mr. Ackman claims the company is an illegal pyramid scheme, an assertion the company disputes.
How To Get A Job At A Hedge Fund (Forbes)
Many hedge funds were battered by the recession, but they still hold a powerful allure. Mysterious and secretive, they dangle the possibility of enormous paydays and a work environment populated by intense math geniuses who dwell in giant Connecticut mansions or Upper East Side townhouses studded with artworks by Jeff Koons and Damien Hirst. What’s the hiring picture at these firms? Must you be a financial genius with an IQ of 140 to even get a foot in the door? No. But you do have to design your search strategy to fit the hyper, pressurized, risk-taking culture. Hedge fund hiring has continued to dampen since the recession…
‘Uncle Carl’ Has a New Job According to Dan Loeb – (HLF) (StreetInsider)
Herbalife Ltd. (NYSE:HLF) continues higher as the ‘daughter of all short squeezes’ transforms into the ‘mother of all short squeezes.’ Fresh off his Yahoo! victory lap, hedge fund manager Dan Loeb found some time to poke fun at shorts in Herbalife Ltd. (NYSE:HLF). In a Bloomberg message seen by ZeroHedge, Loeb said Herbalife Ltd. (NYSE:HLF)’s new product is “The Herbalife Enema” administered by “Uncle Carl.” Loeb, of course, is referring to the pain and suffering seen by fellow hedge fund manager Bill Ackman at the hands of Carl Icahn. Ackman is massively short the name, while Icahn is massively long the name. Shares of Herbalife Ltd. (NYSE:HLF) are up about 63% since Icahn disclosed his position.
Lenders File Plan for LightSquared Based on Ergen’s Bid (WSJ)
A group of LightSquared’s lenders on Tuesday filed a plan to reorganize the wireless-satellite company based largely on DISH Network Corp. (NASDAQ:DISH) -0.53% Chairman Charlie Ergen‘s $2.2 billion bid for the company’s spectrum assets. In an early Tuesday morning filing with the U.S. Bankruptcy Court in Manhattan, the Ergen-led lender group said the bid would pay in full the company’s $1.7 billion in bank debt. The lenders said their proposal is only for the so-called “LP” assets of LightSquared, which includes the use of 46 MHz of valuable L-Band MSS spectrum. LightSquared Inc., the holding company 96% owned by Phil Falcone and his Harbinger Capital Partners hedge fund…
Former Soros Star Berkowitz Has Tougher Time at Woodbine (InstitutionalInvestorsAlpha)
The New York–based macro hedge fund firm Woodbine Capital Advisors at one point ran as much as $3.2 billion. But the firm, launched in 2008 to some fanfare by former Soros Fund Management portfolio manager Joshua Berkowitz, has since struggled to retain assets in the wake of disappointing performance. Berkowitz, who earlier in his career spent time at SAC Capital Advisors and Goldman Sachs Group, Inc. (NYSE:GS), touted his 34 percent annual returns over three years at Soros when he launched Woodbine. He has not exactly rocked the investment world since. According to Woodbine’s recent June 2013 letter to clients, its best year was its first, when it posted a modest 13.15 percent gain in 2009.
