Birmingham Business Journal – The owner of a Chicago hedge fund charged with helping Tom Petters fund his $3.5 billion alleged Ponzi scheme was denied bail Tuesday, reversing a bail decision last week, according to media reports.

Gregory Bell was sent back to Anoka County Jail, where he’s been held for the past week, the Pioneer Press reported. U.S. District Court Chief Judge Michael Davis made the decision based on prosecutors’ arguments that Bell is a flight risk because he put $15 million into foreign bank accounts last year.

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Birmingham Business Journal – The hedge fund created by activist investor William Ackman to buy up shares of Target Corp. lost 40.1 percent of its value in January, according to a Bloomberg News report. 

Since creating the fund, called Pershing Square IV, Ackman has acquired a 9.7 percent stake in Target. He recently attempted to convince Target to spin off its real estate holdings into an investment trust. However, company officials decided not to pursue the strategy. Ackman also urged Minneapolis-based Target to sell off its credit-card receivables. It completed the sale of half of its receivables last year.

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Tags: birmingham business journal, bloomberg news, company officials, credit card receivables, investment trust, investor, minneapolis, news report, percent-stake, pershing square, real-estate, target-corp