Wednesday, 1 October 2014
Last updated 2 hours ago
Nov 24 2008 | 1:43am ET
Davidson Kempner Capital Management has launched a proxy battle to oust the board of directors and CEO of the Sun-Times Media Group, which publishes the Chicago Sun-Times and dozens of other newspapers in Illinois and Indiana.
The hedge rejected a series of proposals made by the company as inadequate, nominating four candidates for a board that would be cut to five seats. Davidson Kempner owns a 5.9% stake in SMTG.
"The harsh reality is that weakening consumer demand, rising input costs of ink and newsprint, a slowdown in advertising, and a long term secular trend away from print towards online readership have already resulted in negative normalized free cash flow for Sun-Times of roughly $20 million per quarter on average since 2006," Davidson Kempner wrote in a letter to SMTG shareholders. "In our view, the company must take dramatic steps to arrest the cash burn rate before it exhausts the remaining liquidity on the balance sheet.”
Last week, SMTG Chairman Raymond Seitz and two other directors resigned. But Davidson Kempner wants the scalps of the remaining directors, excepting Robert Poile of fellow hedge fund Polar Securities, as well as that of CEO Cyrus Freidheim.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...