Jul 23 2007 | 11:41am ET
Hedge fund manager Michael Vranos, founder of Ellington Management, is looking at the carnage in the sub-prime mortgage market and seeing a big opportunity. He is seeking some $750 million in permanent capital for a new vehicle that will invest in sub-prime residential mortgage loans.
According to The New York Times, which obtained a copy of the offering statement for Ellington Financial, almost one-tenth of the money raised for that vehicle would go to investing in Spyderion Holdings, a real estate investment trust Vranos set up just two months ago. The trust, in turn, is the owner of some $345 million of risky equity residuals.
Mar 10 2014 | 11:33am ET
A huge thank you to all of the people who helped make last Thursday’s HFC NY Open Your Heart to the Children Benefit such a success. The charity gala raised nearly $2 million to prevent and treat child abuse in New York, New Jersey and Connecticut. Read more…