Tuesday, 23 September 2014
Last updated 12 hours ago
Apr 16 2013 | 12:35pm ET
Hedge fund manager Chris Hansen has increased his offer for the Sacramento Kings, just days before National Basketball Association owners meet to decide the team's fate.
Hansen, who runs San Francisco-based Valiant Capital Management, and Microsoft Chairman Steve Ballmer have added $17 million to their bid for 65% of the team, which they hope to move to Seattle. That would value the team at $550 million, up from $525 million, an NBA record.
NBA owners will meet beginning tomorrow to consider both Hansen's bid and an effort to keep the Kings in Sacramento. The team's current majority owners support Hansen's bid and gave the Sacramento group until Friday to make a matching offer on Hansen's previous bid. The Sacramento group said it would, but has not actually submitted the offer.
The Maloofs also insist that the Sacramento group, if it is successful, reimburse Hansen for his $30 million deposit.
"The Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our city and our high degree of confidence in our arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA," Hansen said Friday.
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.