Wednesday, 1 October 2014
Last updated 9 hours ago
May 14 2007 | 2:22pm ET
The battle between Ceridian Corp. and hedge fund Pershing Square Capital Management has cost one Ceridian executive his job.
The business services company has fired Gary Krow, who served as president of Comdata, it’s payment processing unit, accusing him of meeting with and passing information on to Pershing Square, Ceridian’s largest shareholder. The hedge fund has waged a campaign to spin off Comdata and replace its board.
Ironically, Reuters reports it was the very legal proceedings initiated by Pershing Square that tipped them off to Krow’s alleged illicit encounters with the hedge fund. But both Krow and Pershing Square deny any wrongdoing.
“Contrary to the statements made by Ceridian today, I have not violated the company’s code of conduct or held unauthorized discussions with or provided confidential information to Pershing Square Capital or other third parties,” Krow said in a statement e-mailed to Reuters. “I am confident our shareholders and the courts will agree.”
Pershing said it met with Krow in January, but said in a statement “at no time during the meeting did Mr. Krow or his representatives disclose confidential company information to Pershing or its representatives concerning Ceridian, Comdata or any of their affiliates.”
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...