Friday, 24 October 2014
Last updated 10 hours ago
Feb 14 2008 | 1:00am ET
London hedge fund SRM Global is reiterating—and reinforcing—its opposition to Bank of America’s bid for the country’s largest mortgage lender.
In a filing with the Securities and Exchange Commission yesterday, SRM said it had boosted its stake in Countrywide Financial Corp., in spite of seeing about half of its assets evaporate in the past three months. SRM now owns 5.48% of Countrywide, up from 5.19% earlier this month.
The hedge fund, run by Jon Wood, also sent another letter to Countrywide’s board of directors, arguing that “the merger transaction with Bank of America in not in the best interests of its shareholders.” Wood also complained that Countrywide management has refused to meet with him.
BofA’s $4.6 billion stock offer is worth about $8 per share, a roughly 15% premium to its closing price yesterday. But SRM argues that those terms value Countrywide at less than half its book value.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.