Loews Wins Appeal Over $690 Million Damages Award to Hedge Fund (Bloomberg)
Loews Corp. persuaded the Delaware Supreme Court to toss a $690 million damages award to affiliates of New York hedge fund Bandera Partners LLC, who claimed they were squeezed out of an oil-pipeline partnership. The state’s highest court rule Monday that the Delaware judge erred in finding Loews breached a 2018 deal by using an improper pretext to buy out the other investors in Boardwalk Pipeline Partners LLP at a bargain price.
Activist Palliser Capital Demands Shake-Up at Capricorn Energy Over Sale Plan (The Times)
A leading investor in Capricorn Energy is attempting to oust almost all of the oil company’s board in protest at a proposed merger it has called “a quick sale at the wrong price”. Palliser Capital, a hedge fund that owns almost 7 per cent of the FTSE 250 group’s shares, has requisitioned an emergency general meeting to seek the removal of seven of the nine directors including Simon Thomson, the chief executive, who has led the company for more than a decade.
A Hedge Fund Manager Who’s Up Over 39% This Year Says These 6 Cheap Stocks are Well-Positioned to Survive Another Bear Market in 2023 (Business Insider)
Hedge fund manager Charles Lemonides is up 39% this year through November. Sticking with value stocks has been his key to success in recent years. Here are six undervalued stocks that Lemonides is bullish on right now. Unlike most fund managers, Charles Lemonides has dominated in 2022. Well-placed bets on winning stocks and against losing ones have helped his hedge fund, the ValueWorks Long Biased Composite, rise 39.4% after fees through November. Meanwhile, its benchmark — the Barclay Equity Long Bias Index — is down 11.3% year-to-date.
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Hedge Fund Coliseum Capital Joins Universal Technical Institute’s Shareholder Register With $1.35 Million Investment (Nasdaq.com)
Connecticut based hedge fund Coliseum Capital revealed this week that it bought 216,719 Universal Technical Institute (US:UTI) shares at an average of $6.24 per share or a total of $1.35 million. The transaction follows Universal’s strong fourth quarter earnings update and related share volatility. The average price was a roughly 20% discount to UTI’s price at the beginning of the year and significantly below its 52 week high above $11. UTI is a workforce educational training provider for the transportation and health care industries and operates 16 campuses in 9 states. The company sports a $220 million market capitalization and trades at 17 times trailing 12 month earnings.
Rhenman & Partners Boosts Biopharma Expertise (Hedge Nordic)
Rhenman & Partners is expanding its five-person investment team with the hiring of Amennai Beyeen as a biopharma analyst. He joins from global healthcare company Novartis. “We are very happy to welcome Amennai to Rhenman & Partners,” says Henrik Rhenman, co-founder and CIO at Rhenman & Partners. “Amennai’s strong background and competence from the world of research, and his experience of pharmaceutical companies where he has been able to closely follow processes from idea to finished product make him a very good addition to our investment team.”
