Tuesday, 31 March 2015
Last updated 41 min 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.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…