Friday, 27 November 2015
Last updated 1 day ago
Feb 4 2008 | 8:51am ET
While Pardus Capital Management’s push for a major airline merger was taking flight, its performance was taking a nose-dive.
The New York-based activist hedge fund manager was down 23.8% last year, after a disastrous last two months of the year. The now-$2 billion hedge fund lost about $800 million, burned, in part, by the very airline bets that were putting its name in the headlines.
Pardus dropped 14% in November, followed by another 14.5% in December, the Financial Times reports. The fund was reportedly down last month, as well, although not nearly so catastrophically.
Late last year, Pardus began agitating for a merger between Delta Air Lines and United Airlines.
Unlike some of its subprime-struck peers, Pardus is in no danger of collapse, in spite of market rumors to the contrary. The firm uses no leverage, and lockup provisions will keep investors from fleeing for at least a year.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…