Saturday, 30 August 2014
Last updated 1 day ago
Aug 26 2010 | 11:57am ET
AR magazine will respond next week to Elliott Management’s move to force the publication to hand over the identity of the person who leaked the magazine a copy of the hedge fund’s most recent investor letter.
AR said it would file a response affidavit on Sept. 2, a week before a scheduled hearing on Elliott’s motion to compel discovery. In its own Aug. 19 filing, Elliott asked for an emergency order because the publication of the letter would cause “significant harm to Elliott and negatively affect its competitive advantage in the market.”
The hedge fund did not seek to prevent AR from publishing an article about the contents of the letter, which it did on Aug. 2. It’s unclear what Elliott found particularly damaging about that letter—AR and other publications have previously used information from the firm’s letters, without legal incident. The most “explosive” revelation is that Elliott chief Paul Singer is unhappy about his firm’s above-average returns, which stood at 5.3% through the first half. AR also reported that Elliott as raised another $1.1 billion and disclosed some of its investment positions.
Elliott said, in its court filing, that it would be able to determine the identity of the leaker via a unique watermark. The hedge fund hopes to take legal action against whoever turned the letter over to AR, in contravention of the firm’s confidentiality policy.
Still, the legal action against AR comes as a surprise.
“Elliott’s legal action is an unusual move even in the opaque world of hedge funds,” AR wrote on its Web site. “This is believed to be the first time a hedge fund manager has taken legal action against a publication in an attempt to uncover a source.”
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 ...