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Albany Times Union – A group of upstate unions claims it lost nearly $1 billion in pension and other benefit funds after an investment manager placed the money with Bernard Madoff Investment Securities LLC.
Now, the unions have filed a class-action lawsuit against the adviser, Syracuse-based J.P. Jeanneret Associates Inc. and against White Plains-based Beacon Associates Management, which operated funds that invested pension money with Madoff.
West Palm Beach (HedgeCo.net) – "The bright side of an economic downturn is that business people are branching out on their own," said Adam Stark, president of Stark Business Solutions. "We have made it seamless for enterprising individuals to establish new businesses without significant expense and with very little risk. We are looking forward to helping grow the business community in Scarsdale."
Customized trading floors have been installed to accommodate hedge funds and trading operations along with mahogany furnishings. SBS operates three other executive suites in Westchester: White Plains, Mount Kisco and Harrison. More than 100 people attended the opening event.
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Reuters – Endologix Inc said it received an unsolicited takeover bid from hedge fund Elliott Associates LP for $2.25 a share, 18 percent higher than the stock’s Wednesday closing price.
The company, which develops and manufactures minimally invasive treatments for vascular diseases, said it will review the unsolicited proposal and make a determination and respond in due course.
Endologix asked its stockholders to defer judgment on the unsolicited proposal until that determination has been made.
Also on Wednesday, New York-based Elliott took its $529 million cash offer for Epicor Software Corp directly to shareholders, two days after it was snubbed by the business software maker’s board. [nBNG397251]
