CNNMoney.com- New York activist hedge fund Pardus Capital Management LP is halting investor redemptions indefinitely at a time when many of its holdings are plummeting in value, the Wall Street Journal reported.
Pardus, which manages more than $2 billion, is seeking changes at several companies whose stocks it holds, most notably Delta Air Lines Inc. (NYSE:DAL) and UAL Corp. (NASDAQ:UAUA) , the parent company of United Airlines. Pardus has been trying for months to get the two airlines to merge.
It had also been tipped for a possible takeover of French auto parts maker Valeo, in which it had been gradually building its stake.
