Hedge Fund and Insider Trading News: Mike Novogratz, Bill Ackman, Starboard Value L.P., Mudrick Capital, Maglan Capital, Tiger Management, PennyMac Financial Services Inc (PFSI), Joint Corp (JYNT), and More

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Mudrick Capital No Longer Owns Debt or Equity in AMC, Sources Say (CNBC)
Investment firm Mudrick Capital has exited both its debt and equity positions in AMC Entertainment, sources tell CNBC’s David Faber, as the movie theater chain’s stock continues to trade wildly amid a boom in speculative retail trading. AMC announced earlier this week that it had sold 8.5 million equity shares to Mudrick for $230.5 million. The hedge fund was also involved in a key $100 million debt restructuring deal with AMC in December.

Box Inc Rejects Starboard’s Allegations Made Against Company’s Board (Reuters)
Box Inc (BOX.N) on Friday rejected activist investor Starboard Value LP‘s allegations against the cloud service provider’s board, adding to a prolonged tussle between the two. Starboard, which owns over 8% of Box, had earlier said the company failed to capitalize on the work-from-home trend during the pandemic, falling behind its cloud computing peers.

Vivendi in Talks to Sell 10% of Universal Music to Bill Ackman SPAC (Bloomberg)
Vivendi SE is in talks to sell 10% of Universal Music Group to a blank-check firm backed by billionaire Bill Ackman while it prepares to spin off most of the world’s biggest music company. The potential transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42.4 billion) including debt, Vivendi said in a statement on Friday, above the 30 billion-euro valuation ascribed to the business in 2019 when China’s Tencent Holdings Ltd. acquired a stake.

Billionaire and Former Hedge Fund Manager Mike Novogratz Explains Why Institutional Adoption of Crypto is Set to ‘Explode’ (Business Insider)
Crypto billionaire Mike Novogratz expects institutional players to start piling into digital assets soon. Novogratz, who founded Galaxy Digital years after leaving Fortress Investment Group in 2015, is one of crypto’s most prominent advocates in the investment world. As a merchant bank, Galaxy’s business model depends on institutional adoption, particularly by financial advisers.

Singapore’s US$3 bil Hedge Fund Quantedge Eases Lockups (The Edge)
Singapore-based hedge fund Quantedge Capital plans to ease some restrictions on client redemptions, giving investors a chance to draw profits after recording gains of 18.6% in the first five months. In a model similar to one offered by Millennium Management last year, clients signing up to a new planned share class will be able to withdraw 5% per quarter, relaxing previous restrictions that kept most investors locked up for three or five years, according to CEO Suhaimi Zainul-Abidin.

Hedgeweek Americas Awards 2021: Call for Hedge Fund Manager Data Submission to Bloomberg (Hedge Week)
Hedgeweek, in partnership with Bloomberg, is starting the analysis of US and Americas-based hedge fund performance ahead of the annual Hedgeweek Americas Hedge Fund Awards. Hedge funds who wish to be considered for the awards must have a fund profile on Bloomberg’s Hedge Fund Database by 25 June, 2021.

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