Friday, 29 August 2014
Last updated 2 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.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...