Tuesday, 23 September 2014
Last updated 10 hours ago
Oct 4 2013 | 11:01am ET
Sotheby's today responded to the blistering letter it received this week from Third Point's Daniel Loeb, adopting a poison pill that will keep the hedge fund from boosting its stake in the auction house much further.
The shareholder-rights plan will effectively prevent any non-passive investor from buying more than 10% of Sotheby's shares. Third Point is the company's largest shareholder with a 9.3% stake.
In a letter to Sotheby's CEO William Ruprecht this week, Loeb, a major art collector and Sotheby's client, demanded Ruprecht's departure and a seat on the company's board, decrying what he called a "lack of leadership and strategic vision at its highest levels," its "chronically weak operating margins and deteriorating competitive position" and "dysfunctional division and a fractured culture."
Sotheby's called Loeb's criticisms "incendiary and baseless."
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.