Reuters – UK asset manager Bramdean Alternatives named Petersfield Asset Management Limited on Tuesday, as the bidder to rival the proposal by property tycoon Vincent Tchenguiz’s investment vehicle, Elsina, to oust its current board.

Bramdean said in a statement that Petersfield Asset Management Limited, is beneficially owned by Nicola Horlick, who founded Bramdean Alternatives in 2005.

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New York (HedgeCo.Net) – Hedge Fund Davidson Kempner Capital Management has declared a proxy victory after replacing all but one of the board members of the Sun-Times Media Group.

Davidson Kempner, who owns a 6% share in the parent company of the Chicago Sun-Times, expressed its discontent with the current board, blaming them for the financial woes of the company. 

Hedge funds are no strangers to shaking up boards of companies in which they invest, many times in order to gain a strategic position where they can be involved in management and the decision making process in hopes of garnering higher returns for shareholders.

"Through the provision of these consents, the stockholders have made clear their desire and support for a board of directors that is made up of professionals experienced in publishing and restructuring," said Davidson Kempner. "Given the operating and financial challenges before Sun-Times, we believe that the reconstituted board has the better potential to guide and lead Sun-Times."

The new slate includes Jeremy Halbreich, former General Manager for the Dallas Morning News and executives Michael Katzenstein and Robert Schmitz.   Robert Poole, who holds an 11% stake in the company, will remain on the board.  The hedge fund has also vocalized their desire to dump current CEO Cyrus Freidheim.

Julie Scuderi
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New York (HedgeCo.Net) – Hamilton Alan Bird, formerly of XL Capital Partners, who headed the scheme that swindled over $7.5 million of investors’ money, has been sentenced to 24 years in prison.  The Colorado Springs resident received his fate on Friday, six months after pleading guilty to one count of securities fraud and another count of theft.

According to the original indictment, Bird, along with partners David Edward Newton and Douglas Alan Scott, took money from about 350 individuals and set up their own “personal piggy bank.”  From October 2002 to December 2004, the three men withdrew millions of dollars for personal usages including residences and private jets.

While Bird’s felonies only carried a maximum sentence of 12 years, he was eligible to be charged as a habitual criminal, meaning that his sentence could have been three times his maximum. 

Newton, in exchange for testifying against Bird and Scott, was sentenced to 15 years probation and 200 hours of community service.  Scott, a former Pastor for the now collapsed River of Life Church, was sentenced to 15 years probation and ordered to pay back $1.4 million in restitution.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
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