Tuesday, 21 October 2014
Last updated 46 min ago
Sep 7 2011 | 10:56am ET
In his bid to buy the last piece of private equity honcho Tom Hicks' sports empire, Canadian businessman Tom Gagliardi has learned the lessons of his predecessors: Don't mess with the hedge funds.
Gagliardi, who on Friday submitted a bid for the National Hockey League's Dallas Stars, made sure to make peace with Monarch Alternative Capital, the hedge fund that wreaked such havoc on the sale of baseball's Texas Rangers. Gagliardi struck a deal with Monarch, which has since taken control of what's left of the Hicks Sports Group, during the spring, the Dallas Morning News reports.
Monarch will now submit a prepackaged bankruptcy plan by Sept. 14. Gagliardi, who tried to buy the Vancouver Canucks in 2004, must still reach an agreement with a second group of Hicks lenders.
Hicks was forced to sell his sports teams after HSG defaulted on $525 million in debt in 2009.
Gagliardi could still be beaten to the Stars if another bidder is willing to offer at least $10 million more. The amount of Gagliardi's bid is unclear.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...