Hedge Fund and Insider Trading News: John Thaler, Michael Hintze, Daniel Kamensky, Mudrick Capital Management, Elliott Management, Ardelyx Inc (ARDX), Artis Real Estate Investment Trust (ARESF), and More

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Hedge Fund CQS’s Nick Pappas Exits to Start Distressed Debt Firm (Bloomberg)
Nick Pappas, one of the most senior portfolio managers at Michael Hintze’s CQS, has left the firm to set up his own distressed debt investing fund, according to people with knowledge of the matter. Pappas is planning to partner with Ivelina Green, CQS’s former head of special situations investing, for his new venture, the people said, who asked not to be identified as the matter is private.

AMC Nets $100 Million From Hedge Fund, Needs More (The Wall Street Journal)
Hedge-fund manager Mudrick Capital Management LP threw a $100 million lifeline to AMC Entertainment Holdings Inc., which warned it still needs a substantial amount of additional liquidity to avert a bankruptcy filing. The world’s largest movie theater chain, which has over a thousand locations world-wide, said Friday that Mudrick committed to supply $100 million in debt financing and will also exchange another $100 million in existing debt into equity. While the deal provides a small financial cushion, AMC has been hemorrhaging…

A Hedge Fund Vet Makes a Fresh Start in the Pandemic (Institutional Investor)
John Thaler’s Hampton Road has forged a partnership with Jefferies division Leucadia after a year of double-digit returns. It’s been a good 2020 for John Thaler, who decided to stage a comeback in January after shutting down JAT Capital in 2015. After delivering eye-popping returns so far this year, Thaler’s new firm, Hampton Road Capital Management, is forming a strategic relationship with Leucadia Asset Management, the asset management division of Jefferies Financial Group. Leucadia will invest capital in Hampton Road’s long-short equity strategy, which is focused on technology, media, telecommunications, and consumer sectors globally.

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Bankruptcy Judge Denounces Hedge Fund Founder But OKs Neiman Deal (Reuters)
The Houston judge that oversaw Neiman Marcus Group’s bankruptcy approved a settlement on Thursday resolving potential claims the luxury retailer and certain creditors had against hedge fund founder Daniel Kamensky but not before severely dressing him down. During a video hearing on Thursday, U.S. Bankruptcy Judge David Jones offered a lengthy diatribe about Kamensky’s actions during Neiman’s Chapter 11 case, saying he had been uncertain about signing off on the deal due in large part to what he called Kamensky’s history of mistreating people.

Hedge Funds Gain +5.92% in November, Bringing YTD Average Returns to +6.90% (Opalesque.com)
The global hedge fund business has posted among the highest average monthly returns in 20 years at +5.92% during the month, bringing the year to date (YTD) average returns to +6.90%. According to eVestment November 2020 hedge fund performance data, about 68% of the industry is now producing positive results in 2020, with the average gain among those posting positive returns near +15%, while the average decline among those posting negative returns is near -9%.

Brexit: “UK Heading for the Worst Possible Outcome at the Worst Possible Time”, Says Crimson Black Capital’s Ansal (Hedge Week)
Ayush Ansal, chief investment officer at the hedge fund, Crimson Black Capital, comments on the prospects of the UK leaving the EU without a deal… “With a No-Deal departure from the EU now arguably odds-on, the UK is heading for the worst possible outcome at the worst possible time.

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