Thursday, 18 September 2014
Last updated 9 min ago
Jan 14 2008 | 4:32pm ET
The saga of collapsed hedge fund Wood River Capital Management, in which investors lost as much $88 million, is finally over. Two months after founder John Whittier was sentenced to three years in prison defrauding investors and regulators, the investment that ruined the firm has finally been unwound.
Endwave Corp., acting on behalf of Wood River’s investors, liquidated the hedge fund’s 4.1 million share stake in itself, buying more than half of the shares itself. The stake, once worth as much as $220 million, was sold for just $28 million.
Whittier, without investor knowledge or approval, invested the lion’s share of Wood River’s assets in Endwave, a San Jose, Calif.-based radio equipment, taking a big stake in the company. He also failed to inform the Securities and Exchange Commission when the hedge fund’s stake exceeded 5%.
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.