Wednesday, 22 October 2014
Last updated 12 hours ago
May 15 2012 | 12:57pm ET
The U.S. Supreme Court will not hear Bulldog Investors' appeal of a three-year old fine for allegedly marketing its hedge fund in Massachusetts.
The high court declined yesterday to grant certiorari, ending Bulldog's fight against the $25,000 levy. And Bulldog's ultimate success fighting the federal prohibition on hedge fund marketing may be why it lost before the nine.
Massachusetts Secretary of the Commonwealth William Galvin, who levied the fine and with whom Bulldog founder Philip Goldstein has engaged in a public war of words, argued that Goldstein's appeal should be denied because Congress earlier this year did away with the marketing ban.
"As a result, and provided that it shows compliance with the exemptions' other requirements, Bulldog will be able to do what it has been seeking to do: engage in general advertising of its unregistered securities under both federal law and state law," Galvin wrote in his reply to Bulldog's petition. The JOBS Act "will divest this case of whatever significance it might otherwise be claimed to have," Galvin added.
Not so, Bulldog argued. Galvin has not rescinded either the fine or cease-and-desist order—and has said he will not do so. And the JOBS Act neither fully vindicates Bulldog's First Amendment argument nor its Internet personal jurisdiction argument.
"The fact that the secretary will not consider altering his order confirms that he does not see this matter as moot," Bulldog wrote in its reply on April 16.
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 ...