Atlantic Investment Pushes Owens Illinois to Sell European Business (Reuters)
NEW YORK (Reuters) – Atlantic Investment Management on Friday urged glass container maker Owens Illinois to sell its European business and use the proceeds to buy back shares and pay down debt. The New York-based hedge fund, which owns a 5.93 percent stake, warned that the company is vulnerable to an unwanted takeover bid and said management should hire a financial advisor to “explore the sale of the European business.” “We expect the proceeds should be in the $3.2 billion to $3.8 billion range,” Alexander Roepers, Atlantic’s president and chief investment officer wrote in a letter to the board. The letter was released in a public filing.
Billionaire Ray Dalio Remembers the Moment he Saw the Financial Crisis Coming: ‘This is the Big One’ (CNBC)
On July 17, 2007, investment bank Bear Stearns revealed that two of its hedge funds, which held significant investments in subprime mortgages, had “very little value” left. By August, the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, realized the U.S. was in a dire situation. So bad in fact, he sent out a memo to clients and policy makers on August 10, 2007 titled, “This is the Big One.” “That was when it really dawned on me,” Dalio tells CNBC Make It. “We’re going to be headed over a waterfall, and how do I handle that responsibly?”
David Tepper: I was at a Jets Game When Lehman Went Under, Thinking ‘World was Going to End’ (CNBC)
Appaloosa Management‘s David Tepper thought the banking system would implode during the financial crisis a decade ago. This week marks the 10th anniversary of Lehman Brothers’ bankruptcy, which many investors regard as the seminal event of the financial crisis. “I was at a Jets game … Lehman just went down and then I was just trying to figure it out, I thought it would domino out … Merrill would go, then just going down the line, Morgan Stanley would go, then Goldman would go,” he said in an interview with CNBC’s “Halftime Report” aired on Friday. “That was when I thought the world was going to end.”
Citadel Adds to Surveyor Long/Short Equity Team (PIOnline.com)
Andrew Liebeskind joined hedge fund manager Citadel as a senior trader on the firm’s Surveyor Capital long/short market-neutral equity team. He will report to Carl Simon, head of trading for Surveyor Capital, company spokesman Zia Ahmed said in an email. Mr. Liebeskind’s position is new. The Surveyor team’s strategies are used in Citadel’s multistrategy hedge funds, including its flagship Wellington fund.