Carl Icahn’s Bet on Hertz Goes Bust as Rental Car Company Files for Bankruptcy (CNBC)
Legendary activist investor Carl Icahn may see his investment in Hertz lose most of its value after the rental car company filed for bankruptcy. Hertz filed for Chapter 11 bankruptcy protection last week, citing the impact of the coronavirus pandemic on travel demand. Icahn held nearly 40% of the outstanding shares of the stock, according to FactSet, and it was one of his 10 largest holdings.
Hedge Fund Angelo Gordon Buys Northern Oil & Gas Debt (Reuters)
(Reuters) – Hedge fund Angelo Gordon & Co. on Tuesday bought $33 million worth of Northern Oil & Gas Inc’s (NOG.A) debt and said it was planning to push for deals that would increase the shale producer’s cash reserves. Angelo, which is already the second-largest owner of Northern with a nearly 10% equity stake, said a potential transaction could include an exchange of equity or debt securities of the company.
Activist Investor Jonathan Litt is Shorting Big NYC Office Landlords (TheRealDeal.com)
Activist investor Jonathan Litt, who in recent years has pushed to turn around struggling retailers, now has a new sector in his sights. Litt’s hedge fund, Land & Buildings Investment Management, is taking short positions in New York City landlords Empire State Realty Trust, SL Green Realty and Vornado Realty Trust, the Wall Street Journal reported.
Hedge Funds Plan Extreme Lengths to Protect Staff After Lockdown (Bloomberg)
One hedge fund may shut an office in Asia permanently and have employees work from home. Another may dramatically shrink its Manhattan headquarters. Meanwhile, industry titan Millennium Management has a 50-point checklist for reopening offices that includes air filtration and an application process for staff who want to come in. Around town, rivals are discussing procuring infrared temperature scanners for entryways and plexiglass dividers to slide between desks.
West Palm Beach Police Collars EnTrust Global for Hedge Fund of Funds (Pensions&Investments)
West Palm Beach (Fla.) Police Pension Fund hired EnTrust Global to run a $20 million hedge fund-of-funds portfolio, said John McCann, senior consultant at AndCo Consulting, the pension fund’s investment consultant. The $344 million pension fund’s board approved the hiring of EnTrust to run the separate account, onshore hedge fund of funds at its April 17 meeting, recently released minutes show. AndCo Consulting assisted.