Thursday, 28 August 2014
Last updated 1 hour ago
Oct 1 2013 | 1:34pm ET
Perry Capital was one of Pershing Square Capital Management's few allies in its battle to reshape J.C. Penney Co. Now, the firm is joining its fellow New York-based hedge fund in exiting the struggling retailer.
Perry slashed its stake in Penney by nearly half, following Penney's announcement that it would seek to raise nearly $1 billion by selling new shares, a move that will dilute existing shareholders. Perry had built up an 8.6% stake in Penney, but cut that to just 3.3% between Friday and yesterday.
Perry was among Pershing Square founder William Ackman's only allies in his bid to force a quick replacement of Penney's interim CEO Myron Ullman and Chairman Thomas Engibous, writing in August that "shareholders and creditors have increasingly lost confidence in the company." The firm even added shares after Pershing Square dumped its entire Penney stake, following a dispute that led Ackman to resign from its board.
Penney shares are currently trading at their lowest price in more than 10 years.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...