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Hedge Fund and Insider Trading News: Cruiser Capital, Elliott Management, Eddie Lampert, Marijuana Company Of America Inc (MCOA), Brookfield Asset Management Inc (BAM), and More

Cruiser Capital Vows to Fight on at Ashland Even After Board Deal (Reuters)
BOSTON (Reuters) – Hedge fund Cruiser Capital said it plans to press on with its proxy fight at Ashland Global Holdings even after the specialty chemicals business struck a deal to refresh its board with another large shareholder. The New York-based hedge fund is asking shareholders to replace four directors, including the company’s chief executive who has a seat on the board, and is arguing that the company’s deal with another shareholder hurts all investors. Over the weekend Ashland agreed with Neuberger Berman, which owns 2.8 percent of the company, to add two new directors and have one current director step down.

Lampert to Present New Sears Offer as Talks Continue (Bloomberg)
Eddie Lampert is expected to present a new bid for Sears today as talks to save the bankrupt retailer from liquidation continue, according to people with knowledge of the negotiations. The offer may be introduced to the attendees on the second day of the auction for Sears Holdings Corp., said the people, who asked not to be identified because the discussions are private.

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Pernod, Elliott Met Jan. 15, Talks to Continue (Reuters)
PARIS, Jan 15 (Reuters) – French family-backed spirits group Pernod Ricard and activist hedge fund Elliott Management will continue discussions on governance and margin improvement after the two sides met earlier on Tuesday, a source close to the matter told Reuters. It was not immediately clear what form the future discussions might take, the source added. A Pernod Ricard spokesman confirmed a meeting between the two camps took place on Tuesday morning but provided no further details.

Hedge Fund Holds $1 B in PG&E Insurance Claims (
Seth Klarman’s Baupost Group has been the poster child of the hedge fund industry’s ill-timed stock-market bets on the troubled utility PG&E Corp., which announced plans for bankruptcy. It turns out, though, that Baupost’s stock purchases, valued at $873 million at the end of September, are just part of a bigger and more complex wager on California’s largest utility. Baupost also bought $1 billion of legal claims in November that an insurer held against the utility, giving the hedge fund the right to recover losses incurred from the deadly wildfires in 2017, according to people familiar with the matter.

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