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West Palm Beach (HedgeCo.net) – Intellectual Property Asset Manager, Quest Patent Research Corporation, (QPRC) has entered into an exclusive capital management agreement with a newly formed Delaware limited liability company, PSI Capital Management, LLC. (PSI) to launch a new patent asset hedge fund, Patent Strategies I Fund, LP.
Domiciled in New York, with $250,000 as minimum investment, the fund has a 2% management fee, a 2 year lockup period and JP Morgan Chase as custodian. The launch comes with a new website.
Jon Scahill, QPRC President, and Joby A. Hughes, minority PSI owner, will serve as the Principals of PSI. Under the terms of the agreement, QPRC, through PSI, will be solely responsible for researching, selecting and monitoring investments and deciding on when and how much to invest or withdraw from a particular investment. The new fund has an investment strategy of acquiring interests in patent assets and generating revenues from licensing activities relating to patent assets.
"QPRC’s management provides a unique resource for taking on intellectual property assets at any stage in their development." Hughes said, "As a market leader in the development of early stage intellectual property, QPRC is already in a position to manage and commercialize those types of assets. PSI provides QPRC additional financial resources to develop a wider array of assets to their fullest potential. It is exciting and an honor to be included in this next phase for QPRC.”
“Collaboration on this initiative with an individual of such caliber and performance as Hughes is a tremendous value." Scahill said, "This new partnership will further our ability to provide shareholders participation in a dynamic asset class, uncorrelated to the broader market.”
Alex Akesson
Editor for HedgeCo.Net Email: alex@hedgeco.net
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Straits Times – EU nations on Monday reached a compromise agreement on new rules to cut CO2 emissions from new cars from 2012, with penalties for automakers who fail to comply, a negotiator said.
The deal, part of wider EU efforts to tackle global warming, was reached during talks between representatives of the 27 EU nations, the European parliament and the European Commission, following months of detailed and sometimes heated negotiations.
‘It isn’t the commission’s initial proposal, but there is some compensation thanks to a (new) long-term objective’ on cutting emissions and ‘with very strong penalties’ for non-compliance, the source said.
Bloomberg – U.S. Representative Barney Frank is walking through Statuary Hall in the Capitol, a portrait of rumples and wrinkles. His left shirttail hangs out over his belt. Reporters and photographers are hounding him. Cameras are whirring. Questions are being shouted.
“How’s it going?” one reporter shouts.
“If you let me get in, I can find out,” Frank says, before disappearing into House Speaker Nancy Pelosi’s office to begin negotiations with Treasury Secretary Henry Paulson and a handful of lawmakers on a $700 billion legislative package to rescue troubled financial institutions.
Washington Post – State-controlled Korea Development Bank (KDB) proposed buying 25 percent of Lehman Brothers (LEH.N) for up to $5.3 billion, a newspaper reported, but other Korean banks rumored to be joining a KDB bid consortium denied they were involved.
Daily Chosun Ilbo also reported on Wednesday that top European bank HSBC Holdings (HSBA.L) (0005.HK), several U.S. hedge funds and an unidentified Chinese bank were among other potential buyers of Lehman, the fourth-ranked U.S. investment bank.
KDB had confirmed on Tuesday it was in talks with Lehman over a possible joint investment with other Korean banks, but declined to give details of its negotiations. On Wednesday, it said it was still unsure whether there would be a deal.
"Korea Development Bank has considered M&A deals in foreign investment banks including Lehman Brothers, and asset management companies, as part of its privatization and competitiveness efforts, but nothing has been decided yet," it said in a statement.
Times Online – The Christofferson Robb hedge fund is in talks to sell one of Britain’s largest proposed offshore wind farms less than a year after it bought the project.
Utilities and financial buyers have bid for the £800m Thanet wind farm, off the coast of Margate in Kent, after its owner began negotiations with potential partners about the building and financing of the project. The 300MW site is expected to begin operation next year and will provide power for up to 240,000 homes, increasing the UK’s total offshore wind power capacity by 30%.
“We need a lot of debt and equity to finance this and in the course of those discussions parties have said they would like to buy it all,” said Mark Petterson of Warwick Energy, the site developer. Christofferson Robb declined to comment.
The developers have increased the value of the project in the past year, gaining planning consent, debt commitments and a connection slot to the national grid. The hedge fund paid £47m for the site last year but is expected to pocket as much as £80m if it sells.
