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Hedge Fund and Insider Trading News: Bill Ackman, Elliott Management, Marchex, Inc. (MCHX), Bausch Health Companies Inc (BHC), Barings BDC Inc (BBDC), and More

Ackman Bets China Coffee Drinkers Will Be Next Fast-Food Win (Bloomberg)
Three years ago, Bill Ackman was shorting China’s currency. Now he’s going long on the country’s coffee drinkers. Revealing a stake of about 1.1 percent in Starbucks Corp. on Tuesday, Ackman said he thinks China is the U.S. coffee chain’s “single-largest unit growth opportunity,’’ which could help the company’s underperforming shares double in the next three years. “We expect that China will grow nearly twice as fast as Starbucks’ overall earnings and represent an increasingly larger percentage of the company’s earnings,” Ackman said in a presentation at a conference in New York Tuesday.

Japan’s Alps Electric Shares Rise After Elliott Boosts Stake (Reuters)
TOKYO, Oct 10 (Reuters) – Shares in Alps Electric Co rose as much as 2.8 percent on Wednesday after a regulatory filing a day earlier showed U.S. hedge fund Elliott Management had boosted its stake in the company to 9.22 percent from 6.26 percent. Elliott, a $35 billion multi-strategy fund, is known for buying stakes in companies that are in the middle of an acquisition or takeover and forcing better deals for shareholders. Alps Electric, an electric component maker, is trying to buy smaller affiliate Alpine Electronics Inc, a car navigation maker that is trying to fend off competition in a stalled industry.

Insider Trading Back

Luis Louro /

From Largest US Retailer to Possible Bankruptcy, Sears Lines Up Emergency Financing for Potential Filing (CNBC)
Sears Holdings has contacted banks in recent days to arrange the financing necessary to file for bankruptcy, people familiar with the situation told CNBC. A bankruptcy filing would cap years of efforts by CEO Eddie Lampert to keep the company afloat by steadily selling off assets. Earlier this year, Lampert proposed a restructuring through his hedge fund ESL Investments after flagging that Sears had an impeding debt payment it may not reach.

Elite Club Gets New Members: Connecticut Adds Two More Billionaires To Forbes 400 (Hartford Courant)
Here are Connecticut’s richest billionaires, according to Forbes: 1. Ray Dalio – $18.1 Billion: Dalio remains atop the list of Connecticut billionaires as founder of the world’s largest hedge fund, Bridgewater Associates. He ranks 25th on Forbes’ list. 2. Steve Cohen – $13 Billion: Cohen, the former head of the controversial SAC Capital, now runs Point72 Asset Management, according to Forbes. He ranks 36th overall.