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Hedge Fund and Insider Trading News: Carl Icahn, Louis Bacon, Elliott Management, PennyMac Financial Services Inc (PFSI), Ross Stores, Inc. (ROST), and More

Carl Icahn Sells Tropicana Casinos in $1.85 billion Deal (Reuters)
(Reuters) – Hedge fund manager Carl Icahn is cashing out of casino business Tropicana Entertainment Inc (TPCA.PK) in a deal selling most of its properties and operations for $1.85 billion, Icahn Enterprises and the companies involved said in statements on Monday. The billionaire investor first acquired an interest in Las Vegas-based Tropicana in 2008 when it was in the throes of bankruptcy. The deal announced on Monday sells six of the eight casino properties it now runs to Gaming and Leisure Properties (GLPI.O) $1.21 billion.

Billionaire Louis Bacon is Reportedly Backing a Hedge Fund Manager He Once Called ‘the Most Impressive Trader I’ve Ever Seen’ (Business Insider)
Billionaire Louis Bacon is reportedly backing Greg Coffey’s new hedge fund launch. Bacon, the founder of Moore Capital, once described Coffey as “the most impressive trader I’ve ever seen,” according to a Financial News report from 2012. Coffey specialized in big macro bets, and earned the nickname the “Wizard of Oz.” Bacon’s investment was reported by The Financial Times, which reported that Coffey’s fund is set to launch later this year with more than $2 billion. Coffey is expected to put a significant percentage of his net worth in the fund, Business Insider earlier reported.

Countries with the Smallest Government Per Capita in the World


Elliott Adds Voice to Calls for Whitbread Break-up (Reuters)
(Reuters) – Hedge fund Elliott Advisors has become the second activist investor to call for Whitbread (WTB.L) to split its hotel and coffee shop businesses after emerging as the largest shareholder in the British company. Elliott, which disclosed a 6 percent stake in the FTSE 100-listed group at the weekend, agrees with fellow activist Sachem Head that Whitbread should split into two but differs on the best way to proceed from there. While Sachem Head began pushing for a breakup three months ago, and possible sale of the popular Costa coffee-shop chain, Elliott is pushing for it to be listed under its own name, a source familiar with the fund’s thinking told Reuters.

Billionaire Republican Donor will Fund Democrats ‘for the Good of the Country’ (
Boston-area billionaire hedge fund manager Seth Klarman will now start funding mostly Democrats after a history of giving large donations to Republicans. “The Republicans in Congress have failed to hold the president accountable and have abandoned their historic beliefs and values,” Klarman said in a statement to The Boston Globe. “For the good of the country, the Democrats must take back one or both houses of Congress.” Klarman told the paper that he wanted to use the money he was saving from the Republican tax overhaul to “invest” in Democrats.