Tuesday, 21 October 2014
Last updated 2 hours ago
Apr 17 2008 | 7:28am ET
In January, activist hedge fund Costa Brava’s battle with defense contractor Telos Corp. received a mortal blow in court. This week, the same Baltimore judge finished it off.
Costa Brava and New York-based Wynnfield Partners saw all of their remaining claims against Telos dismissed by Judge Albert Matricciani of Baltimore City Circuit Court. The judge ruled that Costa Brava, which was trying to have Telos put into receivership and dissolved, “failed to state causes of action.”
“The present litigation has been lengthy and certainly costly to the parties,” Matricciani wrote. “As a result of the Court’s ruling on the present motion, it will come to an end, at least in this forum.”
It is unclear as to whether Costa Brava will appeal the ruling.
“After nearly three years, this case is over,” Telos CEO John Wood, the focus of fierce attacks by Costa Brava, said. “The activist hedge fund, Costa Brava, has failed in its efforts to extract dividend payments out of turn at the expense of our other shareholders.”
Costa Brava owns 16% of Telos’s exchangeable redeemable preferred shares, and has two seats on its board of directors.
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 ...