Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
New York Post – Todd Stottlemyre, the former major league pitcher and the son of Yankees standout Mel Stottlemyre, is hoping to hit a home run moving from the diamond to the hedge-fund world.
The 44-year old former member of the Toronto Blue Jays, Oakland Athletics, St. Louis Cardinals, Texas Rangers and Arizona Diamonbacks, just started Desert Shores Capital, which, according to one published report, could be a hedge fund built around fast-paced momentum trading in stocks.
NY Post – Clarium Capital Management, the hedge fund founded by PayPal co-founder and Facebook board member Peter Thiel, fell another 4.4 percent in June, The New York Post reported on Wednesday.
The fund’s total returns are down 6 percent this year, the paper said, adding Clarium’s assets under management have plummeted to $1.9 billion from $7.8 billion a year ago.
Reuters – Hedge funds that provided bankrupt U.S. auto parts maker Delphi with debtor-in-possession (DIP) financing are not getting access to the firm’s books, hindering their ability to make a takeover offer, the New York Post reported, citing a person familiar with the situation.
The lenders are led by hedge fund Elliott Associates, the paper said.
In case they do not get access to Delphi’s books soon, the lenders may approach the judge handling the bankruptcy case to intervene, a source told the paper.
FierceFinance – David Einhorn, the head of Greenlight Capital, caused quite a stir at the Ira W. Sohn Investment Research Conference last year. He made it known that he was shorting Lehman Brothers, which was trading at $60 at the time. You know the rest of the story.
It’s no surprise that people, including a columnist for the New York Post, were interested in what he had to say at the conference this year. He didn’t deliver the same sort of shocker. Rather, he offered a sober analysis of the Obama Administration’s performance. He basically thinks that the focus on propping up banks hasn’t really done much to the economy as a whole.
New York Post – The founders of a New York hedge fund at the center of the Bernard Madoff scandal have begun selling assets as their firm faces massive losses and a slew of lawsuits, sources told The Post.
Walter Noel and Jeffrey Tucker, co-founders of Fairfield Greenwich Group, a New York hedge fund that lost a whopping $7.5 billion to Madoff’s alleged Ponzi scheme, have been forced to curb their lavish lifestyles amid mounting doubts that the firm can survive the firestorm.
The pair recently dumped a shared interest in a Cessna 560XL private jet, according to a person close to the firm.
West Palm Beach (HedgeCo.net) – Wall Street’s highest-ranking woman, Erin Callan, was subpoenaed by a federal grand jury, along with 24 other Lehman executives regarding the collapse of Lehman Brothers, according to the New York Post.
Now in seclusion, the NYP says she taking a five-month personal leave. Callan joined Credit Suisse five months ago after being ousted as CFO of collapsed investment bank Lehman Brothers.
NYP excerpt: "At Lehman, Callan had been an admired public face of Lehman’s whirlwind dance with hedge fund chiefs, but then-CEO Dick Fuld blamed her for Lehman’s collapse, and pushed her out just months before the firm imploded, wiping out billions for investors and employees."
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