HEDGE FUND NEWS

New York (HedgeCo.Net) - Turnberry Capital Management LP has decided to close its doors and liquidate its assets, after many investors inquired about getting their money back.  The hedge fund, which specializes in purchasing distressed debt, once held approximately $800 million under management. 
"We intend to take a series of steps to liquidate the Fund […]

New York (HedgeCo.Net) - At a time when most investors are becoming increasingly weary of high risk hedge funds, public pension funds are upping their stake, hoping to make up for recent lackluster performances.
New York State has a cap that limits the amount of alternative investments in the state’s Common Retirement Fund, valued at $153.9 […]

New York (HedgeCo.Net) - Writedowns from major banks have reached the $500 billion mark, only one year after the subprime fallout forced mortgage-backed securities to plummet in value.  And it’s not over.  Some economists estimate that number will ascend upwards to $2 trillion by the time all the damage is done. 
UBS, the European bank hit […]

New York (HedgeCo.Net) - Less than one week after UBS and Citigroup were called upon to buy back over $30 billion in bad auction-rate securities, New York Attorney General Andrew Cuomo is forcing JPMorgan, Morgan Stanley and Wachovia to follow suit.
In a letter to the three banks, Chief of the Attorney General’s Investor Protection […]

Among the 300 investor comments filed over the past month with the Securities and Exchange Commission about naked short selling, most voiced opposition to the abusive version of it.
Adding to the cry against naked short selling is a new proposal that the SEC is slated to release this week protecting publicly traded companies from abusive […]

West Palm Beach (HedgeCo.net) - The Manager of the K Squared Funds, a New York-based group of hedge funds, was named as a defendant in a lawsuit filed by his ex-partner. The suit brings claims for fraud, breach of contract, unjust enrichment, and bad faith dealing in connection with the hedge funds.
Filed in the Commercial […]

New York (HedgeCo.Net) - Victory Park Capital, a Chicago-based hedge fund, has received a vote of confidence from FRM Capital Advisors in the form of a major investment.  Victory Park Capital plans on expanding their asset-based lending fund in hopes of taking advantage of the favorable market conditions associated with this kind of strategy.
“We are […]

New York (HedgeCo.Net) - David Ko, a former quantum physicist and Long-Term Capital Management employee, has set up his own hedge fund according to a report by the Wall Street Journal.
Kurtosis Capital Partners will employ a global macro strategy and hopes to attract between $100 million and $250 million initially.   Ko has partnered with Stephen […]

West Palm Beach (HedgeCo.net) - Castle Hall Alternatives, a provider of hedge fund operational due diligence, has hired  Kosta Segounis as Senior Manager, he will supervise a team of analysts responsible for operational due diligence on numerous hedge funds. […]

New York (HedgeCo.Net) - While Delphi continues its quest to secure the capital needed to exit bankruptcy, GM has announced they will increase their loan to the auto parts maker to $950 million.  The extra $300 million will help Delphi maintain some liquidity throughout the process.
Delphi, who sought bankruptcy protection in October 2005, pulled together […]

New York (HedgeCo.Net) - Merrill Lynch and Citigroup, two banks that have already written down billions in losses, will buy back $30 billion in auction-rate securities as part of an agreement with regulators. 
This comes after the threat made by New York Attorney General Andrew Cuomo, who said he would sue Citi for misleading trusting […]

New York (HedgeCo.Net) - Mention the Pittsburgh Steelers and there are certain things that may come to mind.  Five Superbowl rings, their dominance in the 70’s, or maybe even greats like Lynn Swan and Terry Bradshaw.  But what always comes to mind is the affiliation with the perhaps the most famous owners in the history […]