Tuesday, 21 October 2014
Last updated 4 hours ago
Nov 8 2006 | 3:34pm ET
One-time helicopter manufacturer Gyrodyne Company of America’s board of directors is in danger of being grounded.
Activist hedge fund Opportunity Partners now owns nearly one-fifth of the Saint James, N.Y.-based company, it said in a regulatory filing, and has nominated three candidates for its nine-member board of directors. The Phillip Goldstein-run fund, which in April sought to acquire the whole of Gyrodyne for about $60 million, also announced its intention to trash the company’s poison pill.
Gyrodyne, which got out of the helicopter-making business in the 1970s, transforming itself into a real estate holding company, has proposed expanding the size of its board, as well as purchasing 10 buildings in Port Jefferson Station, N.Y. Last year, the State University of New York at Stony Brook condemned nearly 80% of the company’s flagship property, Flowerfield, in Saint James.
According to Opportunity’s 13D/A filing, both actions are “inconsistent” with Gyrodyne President and CEO Stephen Maroney’s statement in April that “our goal is to put the maximum amount of cash or marketable securities in the hands of our shareholders in a tax-efficient manner.”
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 ...