Hedge Fund News: Phil Falcone, Marc Lasry & Daniel Loeb

Page 1 of 2

Leucadia Doubles Investment in Falcone’s Harbinger Amid Gain (SFGate)
Richard Handler’s Leucadia National Corp. (NYSE:LUK) more than doubled its bet on Philip Falcone’s Harbinger Group Inc. after the value of an earlier investment jumped. Leucadia agreed to buy 23 million preferred securities from Falcone’s hedge funds for $253 million, the firms said yesterday. That adds to Leucadia’s purchase last year of common stock that jumped more than 50 percent in value to $244 million by yesterday’s close. Harbinger Group owns businesses from consumer goods to insurance. Falcone, 51, is focused on building his publicly traded Harbinger Group after reaching a settlement with U.S. regulators that bars him from the hedge-fund industry…

HARBINGER

Dow Chemical raises asset sale target by $1.5 billion – $2 billion (Reuters)
The Dow Chemical Company (NYSE:DOW) said it aimed to raise up to $6 billion from asset sales, $1.5 billion to $2.0 billion more than its earlier target, to focus on electronics, agriculture and packaging. Dow Chemical is under pressure from hedge fund titan Daniel Loeb‘s Third Point LLC to spin off its lucrative but slow-growing petrochemical unit and focus on specialty materials, but the company is reluctant to split the two businesses. The company has repeatedly defended its strategy of using its commoditized raw materials businesses to keep costs down at its high-growth specialty chemicals businesses.

Mitsubishi UFJ Fund Services acquires hedge fund administrator Meridian Fund Services Group (PIOnline)
Mitsubishi UFJ Fund Services on Wednesday announced it acquired hedge fund administrator Meridian Fund Services Group, pending regulatory approval. Terms were not disclosed, said Alistair Scott, Mitsubishi UFJ spokesman. Meridian was owned both by management and outside investors, Mr. Scott said. He did not know what percentage of the firm had been owned by management. Meridian has $14 billion in assets under administration. The acquisition raises Mitsubishi UFJ’s overall AUA to about $165 billion, including $93 billion administered for hedge funds.

Activist Hedge Funds Are Making Friends (BloombergView)
This DealBook article about the new alliances between activist hedge funds and long-only institutional shareholders is full of enjoyable oddities; here is my favorite part: …Also good are T. Rowe Price’s and BlackRock, Inc. (NYSE:BLK)‘s vague non-denials that they issue R.F.A.’s, and a proxy solicitor’s statement that “Institutional investors want to share the sick children in their portfolio with someone who can help make them better.” Lazard’s delightfully titled “head of corporate preparedness” is quoted saying, “This is the biggest shift in the battle for corporate control since private equity was invented in the 1980s,” and it’s worth thinking about it in the larger context of the separation of ownership and control.1

Och-Ziff May Have Been A Little Too Friendly With Gaddafi’s Sovereign Wealth Fund (DealBreaker)
Since it was restating its financials anyway after the SEC made it consolidate some CLOs, Och-Ziff Capital Management thought it might mention that the SEC (and Justice Dept.) is also interested in some bribery that may or may not have gone on before the Libyan dictator’s end. Och-Ziff began receiving subpoenas from the Securities and Exchange Commission and requests for information from the Justice Department in 2011, the filing said. The hedge-fund operator said the investigation “concerns an investment by a foreign sovereign wealth fund in some of the Och-Ziff funds in 2007 and investments by some of the funds, both directly and indirectly, in a number of companies in Africa.”

Sony Pictures To Cut 216 Jobs In California (BusinessInsider)
Sony Pictures Entertainment plans to cut 216 jobs in California and has filed with the state Employment Development Department, according to a person familiar with the matter. …Under pressure from hedge fund manager Daniel Loeb to improve profitability at its studio, in November Sony hired consultancy Bain & Co to identify more than $US100 million in cost cuts through layoffs and other means.

Hayman’s Bass on General Motors probe (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

Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

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!