Wednesday, 1 October 2014
Last updated 14 hours ago
Jan 30 2007 | 9:22am ET
New York-based hedge fund manager Owl Creek Asset Management has a few words for bankrupt Northwest Airlines.
In a securities filing, the firm, which holds a 5% stake in Northwest, objected to the airline’s proposed reorganization, saying it unduly rewards creditors at shareholders’ expense.
“Your stockholders are in favor of an expeditious reorganization, but only a fair one, and the directors’ efforts must be focused on preserving and maximizing stockholder value under these circumstance,” the firm wrote. Owl Creek, which said the plan will “overpay creditors and undersell” the company, said it represented an ad-hoc equity committee accounting for some 30% of Northwest shares.
Owl Creek suggested that Northwest “should be pursuing the potential of consolidation with other legacy carriers.”
Northwest fired back in a statement, saying, “Contrary to Owl Creek’s assertions, the company’s board of directors has considered all realistic and prudent options in order to maximize the value of the company.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...