Wednesday, 6 May 2015
Last updated 3 hours ago
Mar 15 2012 | 11:12am ET
Paulson & Co. is taking yet another tack in its battle to split Hartford Financial Services in twain.
The New York hedge fund has berated Hartford CEO Liam McGee and implored analysts covering the company to back its bid to split Hartford's life-insurance and property-casualty businesses. Now the firm, which owns 8.5% of the Hartford and which suffered its worst-ever year last year, says it will be satisfied with words.
"No one is saying do a spin-off today," Paulson founder John Paulson said in a presentation filed last week with the Securities and Exchange Commission. "We are saying announce a spin-off today and then take the next five or six quarters to close."
Paulson said such a move would "unlock significant value" if announced by April.
"We believe the combined valued would be approximately $31, a 62% increase," he wrote.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…