Monday, 20 October 2014
Last updated 2 min ago
Mar 11 2014 | 8:41am ET
For activist hedge fund Casablanca Capital, it's all or nothing in its battle with Cliffs Natural Resources.
Cliffs said yesterday that Casablanca had rejected its offer to appoint two representatives to its board, as well as a third mutually acceptable director to be named later. The mining company moved to assuage the hedge fund after it nominated six candidates to Cliffs' board last week.
If all six of Casablanca's candidates win, the hedge fund would have a majority on Cliffs' board. Casablanca owns 5.2% of the company.
Cliffs, which also postponed the record date for its May 13 annual meeting at Casablanca's request, said it hoped to avoid a costly proxy fight with the hedge fund.
Casablanca wants Cliffs to spin off its international operations and restructure its U.S. business as a master-limited partnership. It also wants to replace CEO Gary Halverson.
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 ...