What Are the Chances of a Russia/NATO War? A Hedge Fund Heavy Weighs In (The Street)
The rhetorical battle between the U.S. and Russia has heated up during Russia’s war against Ukraine. Both Russian President Vladimir Putin and U.S. President Joe Biden have launched harsh criticism against each other. The U.S. has applied harsh economic sanctions against Russia, and Putin has put Russia’s nuclear forces on high alert. The relationship between the U.S. and Russia is returning to the Cold War footing of the 1950s through 1980s. So what are the odds that this Cold War could turn into a hot war? Hedge fund star Ray Dalio, chief investment officer at Bridgewater Associates, sees a small chance that the Russia-Ukraine conflict could morph into a war between Russia and NATO countries.
Fallen Hedge Funder Phillip Falcone Offloads Luxe Belongings in Fire Sale (New York Post)
This once mighty money man is hitting the skids hard. Debt-riddled ex-billionaire Philip Falcone has taken to hawking his home furnishings for chump change, just three years after cashing in with a record $77 million sale of his massive, ultra swanky Manhattan townhouse on 14-16 East 67th St.
Press of Atlantic City Might Get Saved from Hedge Fund Takeover (New Jersey Globe)
A national newspaper chain that owns The Press of Atlantic City, seems to have repelled a hostile takeover bid by hedge fund Alden Capital. Two longtime Lee Enterprises board members appear to have the votes to win re-election after two leading proxy advisory firms recommended support for them. Alden was dealt a major blow two weeks ago when a Delaware judge upheld a move by Lee to reject two opposition board candidates. This week, the nation’s leading newspaper staff union, NewsGuild, slammed prior practices by Alden.
Thursday 3/3 Insider Buying Report: RCII, PTVE (Nasdaq.com)
At Rent-A-Center, a filing with the SEC revealed that on Tuesday, Chief Executive Officer Mitchell E. Fadel bought 40,000 shares of RCII, at a cost of $27.08 each, for a total investment of $1.08M. Fadel was up about 11.5% on the purchase at the high point of today’s trading session, with RCII trading as high as $30.20 at last check today. Rent-A-Center is trading up about 3.6% on the day Thursday. This purchase marks the first one filed by Fadel in the past year. And also on Tuesday, Director Jonathan D. Rich purchased $494,455 worth of Pactiv Evergreen, purchasing 52,606 shares at a cost of $9.40 each. Pactiv Evergreen is trading down about 0.2% on the day Thursday.
Insiders Sell More Than $323M Of 5 Stocks (Benzinga)
Zeta Global Holdings: The Trade: Zeta Global Holdings Corp. (ZETA) Director William Royan disposed a total of around 4,000,000 shares at an average price of $11.40. The insider received around $45.6 million as a result of the transaction. Liberty Oilfield Services: The Trade: Liberty Oilfield Services Inc. (NYSE: LBRT) 10% owner Schlumberger Technology Corp sold a total of 7,224,173 shares at an average price of $11.60. The insider received around $83.8 million from selling those shares. Arista Networks: The Trade: Arista Networks, Inc. (NYSE: ANET) Chief Development Officer Andreas Bechtolsheim sold a total of 200,000 shares at an average price of $122.10. The insider received around $24.42 million as a result of the transaction.
Palihapitiya Sued Over Insider Sale of Virgin Galactic Stock (1) (Bloomberg Law)
Chamath Palihapitiya took advantage of his insider role as chairman of Virgin Galactic Holdings Inc. to sell 10 million shares of the struggling space travel company for $315 million before he abruptly quit the board last month, a shareholder alleged in a lawsuit. The complaint, filed on behalf of Virgin Galactic to seek damages from its directors and officers, also alleges that founder Richard Branson pocketed $301 million by dumping his shares while the stock price was “artificially inflated.”
Crocker Partners and Hedge Fund Acquire Atlanta Skyscraper Bank of America Plaza (SWFI)
CP Group (formerly known as Crocker Partners), a vertically-integrated commercial real estate and management firm, announced the acquisition of Bank of America Plaza in the heart of Midtown Atlanta. The 55-story Class-A skyscraper was acquired in a joint-venture with funds managed by HPS Investment Partners, LLC. The property has been an enduring fixture of Atlanta’s Midtown submarket since its construction in 1992. It is currently occupied by anchor tenants including Bank of America and national law firm Troutman Pepper.
