Wednesday, 24 September 2014
Last updated 14 hours ago
Mar 2 2011 | 8:55am ET
Having failed in its efforts to buy the company, hedge fund Icahn Enterprises is seeking a major voice on Dynegy Inc.'s board of directors.
The New York-based firm has said it wants two seats on the power company's board, the same representation demanded by its adversary in its proxy battle, hedge fund Seneca Capital. Icahn owns about 15% of Dynegy's shares, with Seneca holding about 12%.
Icahn said yesterday his firm continues "to have discussions with representatives of the company regarding the appointment" of its two nominees.
Dynegy's entire board of directors, as well as its CEO and CFO, resigned last month after shareholders rejected Icahn's $665 million buyout offer. The company then offered a single seat on an interim board to both Icahn and Seneca.
Icahn's failure was the second by a major alternative investments firm to buy Dynegy in the past several months. Icahn and Seneca joined forces to defeat an earlier, lower offer from the Blackstone Group.
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 McKitich, CIO of Petty 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…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.