Hedge Funds and Bad Tactics Kill $4.4 Billion Deal (Bloomberg)
The heated auction between buyout firm Bain Capital and Austria’s AMS AG for the German LED-maker Osram Licht AG has ended in no deal. The prospect of a transaction being rekindled in the near term looks bleak – though not impossible over the longer run. It beggars belief that a tense round of bidding can culminate in no more than a tangled mess. But this is regrettably often the way with German M&A.
David Tepper to Keep His Hedge Fund Alive for Handful of Key Investors (NewsMax.com)
Billionaire David Tepper will keep managing money for 15 investors and return the rest of the firm’s outside capital as he moves toward starting a family office. His Appaloosa Management will begin giving clients their money back early next year, according to people familiar with the matter. That makes up most of the external capital the firm runs. The remaining investors will collectively have $1.25 billion to $1.5 billion with Tepper.
A Value Investor Defends Value Investing (Despite Its Recent Track Record) (The Wall Street Journal)
Joel Greenblatt laughs when asked if value investing-the struggling style of money management that he champions-is dead. “Yes, no, maybe, and I don’t care,” he says. “That about covers it.” The co-founder of Gotham Asset Management-which runs both hedge funds and traditional mutual funds using Mr. Greenblatt’s take on value investing-knows…
Veteran Sleuth Jules Kroll Starts Litigation Finance Firm (Bloomberg)
A spook, a banker and a lawyer walk into a bar. Perhaps unsurprisingly, they decide to start a litigation finance company. Jules Kroll, founder of the investigations firm that bears his name, will on Monday announce the formation of a venture that will help fund corporate lawsuits in exchange for a cut of any payout. He has teamed up with a trio of former legal and banking advisers and is receiving as much as $150 million in backing from Evanston, Illinois-based hedge fund Magnetar Capital, Kroll said in an interview.
Hedge Funds Have Billions on the Line at PG&E’s Bankruptcy Hearing – and Equity-Holder Seth Klarman is Pitted Against Bond-Holder Paul Singer (Business Insider)
The final decision in the sprawling multi-billion-dollar bankruptcy of Pacific Gas & Electric will make some well-known hedge fund managers very happy, and ruin the years-long work of others. The California utility that was found partially responsible for some of the state’s recent massive wildfires had the backing of its major shareholders – including David Abrams‘ Abrams Capital, John Paulson‘s hedge fund, Fidelity, and dozens of other managers – for an $11 billion Chapter 11 plan that would have paid out insurance claims at a rate that would make Seth Klarman‘s Baupost Group hundreds of millions.
Hedge Funds Sell More oil as Economic Outlook Worsens (TheDailystar.net)
Hedge funds sold petroleum futures and options for the second week running as the post-attack bounce in oil prices evaporated and attention shifted to the deteriorating condition of the global economy. Hedge funds and other money managers sold the equivalent of 96 million barrels in the six most important futures and options contracts linked to oil prices in the week to Oct. 1, the largest reduction in nearly four months.
Hedge Fund Software Market by 2019-2026 Profiling Key Players UpKeep Technologies, Eze Software, FundCount, Northstar Risk, VestServe (MarketExpert24.com)
Hedge Fund Software Market is analyzed with industry experts in mind to maximize return on investment by providing clear information needed for informed business decisions. This research will help both established and new entrants to identify and analyze market needs, market size, and competition. It explains the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities and the threats faced by key players. This research report represents a 360-degree overview of the competitive landscape of the Global Hedge Fund Software Market.