Tepper Bets on SVB Debt (Hedge Week)
Distressed debt investor David Tepper is betting that the value of Silicon Vally Bank parent SVB Financial Group’s debt will rise as parts of the group are auctioned off, according to a report by the Financial Times. Unnamed FT sources have revealed that Tepper, who has a successful track record in investing in troubled financial companies, acquired SVB bonds along with preferred stock via Appaloosa Management, which for the most part manages his family’s multibillion-dollar fortune.
-Institutional Investors More Than Doubled Their Hedge Fund Allocations Last Year (Institutional Investor)
Here’s a look at last year’s biggest allocators — and the top hedge fund recipients. Institutional investors more than doubled their allocation to hedge funds in 2022, to $16.6 billion from $8 billion in 2021, according to the third annual Alternatives Watch Research Investor Compendium, commissioned by Vidrio Financial.
Report: Hedge Fund Admitted P&ID Made Unlawful Payments to Nigerian Officials in 2021 Lawsuit (TheCable.ng)
VR Capital, a hedge fund firm, says payments made to Nigerian officials by Process & Industrial Developments (P&ID) violated the law, Semafor Africa is reporting. VR Capital, a major stakeholder in P&ID, made the allegation in a separate lawsuit against “business partners it bought its stake in the company from”. Nigeria is seeking to overturn a 2017 arbitration award of $6.6 billion plus interests in favour of P&ID, over a failed gas supply and processing agreement (GSPA).
Tuesday 3/21 Insider Buying Report: HIPO, ARLP (Nasdaq.com)
On Monday, Hippo Holdings’ Director, Noah Knauf, made a $3.01M buy of HIPO, purchasing 208,531 shares at a cost of $14.43 a piece. Knauf was up about 7.5% on the purchase at the high point of today’s trading session, with HIPO trading as high as $15.51 in trading on Tuesday. Hippo Holdings is trading up about 8.5% on the day Tuesday. This buy marks the first one filed by Knauf in the past twelve months. And on Friday, PRESIDENT AND CHIEF EXECUTIVE Joseph W. Craft III bought $2.75M worth of Alliance Resource Partners, buying 148,741 shares at a cost of $18.49 each. This buy marks the first one filed by Craft III in the past twelve months. Alliance Resource Partners is trading up about 1.1% on the day Tuesday. So far Craft III is in the green, up about 6.8% on their purchase based on today’s trading high of $19.74.
Over $7M Bet On This Consumer Defensive Stock? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
Whole Earth Brands: The Trade: Whole Earth Brands, Inc. (FREE) 10% owner Sababa Holdings Free LLC acquired a total of 2,600,000 shares at an average price of $2.93. To acquire these shares, it cost around $7.63 million. What’s Happening: Whole Earth Brands reported better-than-expected Q4 sales results. What Whole Earth Brands Does: Whole Earth Brands Inc is engaged in the manufacturing of zero/low sugar and calorie sweeteners as well as reduced-sugar products.
