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Hedge Fund and Insider Trading News: Ken Griffin, John Paulson, Steve Eisman, Elliott Management, Agilysys, Inc. (AGYS), ACCO Brands Corporation (ACCO), and More

Elliott Management Calls for AT&T Shake-up as Trump Piles On (Reuters)
(Reuters) – Activist investor Elliott Management Corp on Monday unveiled a $3.2 billion stake in AT&T Inc (T.N) and urged the sprawling U.S. telecommunications and media conglomerate to end its acquisition spree and focus on improving its business. The move makes AT&T, which has a market capitalization of $270 billion, one of the biggest companies to have been targeted by activist shareholders. U.S. President Donald Trump, a frequent critic of U.S. cable news channel CNN, which is owned by AT&T, called Elliott’s announcement “great news.”

Ken Griffin Adds a $99 Million Florida Beach House to His Property Empire (Bloomberg)
Ken Griffin’s splurge on luxury real estate properties shows no signs of abating. The hedge fund titan spent $99.1 million for a beachfront house adjacent to his existing Palm Beach estate, according to the Palm Beach Post, citing sources with knowledge of the transaction and a deed filing. A Palm Beach County document confirmed the purchase price, but didn’t identify the buyer.

Insider Trading Back

Luis Louro / shutterstock.com

Paulson’s Hedge Fund Calls on Callon to Drop Merger, Sell Itself (Reuters)
(Reuters) – Billionaire investor John Paulson’s hedge fund on Monday urged Callon Petroleum Co (CPE.N) to drop its proposed $3.2 billion acquisition of Carrizo Oil & Gas Inc (CRZO.O), and instead consider selling itself. Paulson & Co funds, which hold about a 9.5% stake in Callon, said in a letter to the company’s board that adding Carrizo’s “inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers.”

Tiger Cub Laffont in $50m Round for AI Start-up (FNLondon.com)
Artificial intelligence start-up AppZen has confirmed “Tiger Cub” Philippe Laffont’s hedge fund Coatue as a large new backer, as it announced a $50m third-round fundraising and considers a public listing. Coatue Management is a technology-focused hedge fund Laffont founded in 1999, before which he served a three-year stint as an analyst at Tiger Global Management, Julian Robertson’s investment firm. He is one of the so-called tiger cubs — former colleagues of Robertson’s who went on to launch hedge funds of their own.

Nickel Launches FCA-Regulated Crypto Arbitrage Fund (Finance Magnates)
London-based hedge fund manager Nickel Asset Management has officially launched an actively managed crypto investment fund that is geared towards experienced investors who are looking to capitalize from volatility in the cryptocurrency markets. Dubbed ‘Nickel Arbitrage Fund,’ the new vehicle has raised $50 million and became one of the few investment funds focused on cryptocurrencies to win the stamp of approval from UK regulators.

Eisman Says Trump Would Have to Give in for China Trade Deal (Bloomberg)
Steve Eisman, the Neuberger Berman Group money manager, said U.S. President Donald Trump would have to back down to get a trade deal with China. “Will there be a deal between China and the U.S.? I have my doubts,” Eisman said on Bloomberg TV on Monday. “My impression is that China is not backing down on anything,” so to get a deal “Trump basically has to give in.”

‘Champions League’ Hedge Fund Says Puma Spinoff is Part of Its 17 Percent Stellar Performance (Forbes)
When 40-year-old Per Johansson, CEO and founder of Sweden’s Bodenholm Capital AB, is picking staff, he keeps a piece of advice in mind that Charlie Munger of Berkshire Hathaway gave him 10 years ago. In an exclusive interview with The Edge, who source underperforming companies for activist involvement, the Stockholm-based hedge fund star revealed: “I had the opportunity to meet Charlie Munger.

Monday 9/9 Insider Buying Report: AGYS, STLD (Nasdaq.com)
At Agilysys, a filing with the SEC revealed that on Wednesday, CEO Ramesh Srinivasan bought 10,000 shares of AGYS, at a cost of $25.13 each, for a total investment of $251,300. Agilysys is trading up about 1.8% on the day Monday. Before this latest buy, Srinivasan purchased AGYS on 2 other occasions during the past twelve months, for a total investment of $638,467 at an average of $20.60 per share. And on Friday, Senior Vice President Miguel Alvarez purchased $247,238 worth of Steel Dynamics, purchasing 8,920 shares at a cost of $27.72 a piece. Steel Dynamics is trading up about 5.7% on the day Monday.

The Sr VP, General Counsel & Sec of ACCO Brands is Exercising Options (Analyst Ratings)
Today it was reported that the Sr VP, General Counsel & Sec of ACCO Brands (ACCO), Pamela R. Schneider, exercised options to sell 38,050 ACCO shares at $7.64 a share, for a total transaction value of $353.5K. In addition to Pamela R. Schneider, 3 other ACCO executives reported Sell trades in the last month.

Insider Activity: Interim CEO at Overstock.com (OSTK) Buys $32k in Stock (Investors Observer)
Jonathan E Johnson III, interim CEO at Overstock.com (OSTK), bought 2,000 shares of the company’s common stock on Aug 30. At $15.98 per share, Johnson paid a total of $31,959 for the new shares.

Sri Lankan Billionaire Raj Rajaratnam Released After 8 Years in Prison (LankaBusinessOnline)
September 9, 2019 (LBO) – Former hedge fund titan and billionaire Raj Rajaratnam has been released from prison early after being incarcerated for almost 8 years. He was released approximately 2-3 years early due to a new law passed in the United States which proffers leniency to those who are over 60 years of age and have served 75% of their prison sentences. Rajaratnam (62) will serve the remainder of his prison sentence at home, with some privileges to work outside of the household. Raj Rajaratnam was the central figure in an insider trading investigation that generated a media frenzy in the United States. Instead of taking a plea bargain, Rajaratnam mounted a vigorous legal defence.

Los Angeles-Based Company and Two Executives Charged for Their Roles in $19 Million Illegal Securities Offering (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged Toon Goggles Inc., a Los Angeles-based company that offers on-demand entertainment content for children, and its founder, Ira Warkol, for conducting a $19 million illegal securities offering. The SEC also charged Warkol for acting as an unregistered broker-dealer in connection with the offering. The SEC’s complaint, filed in the U.S. District Court for the Central District of California, alleges that from at least August 2012 through late 2016, Toon Goggles and Warkol raised over $19 million from approximately 400 retail investors.

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