Friday, 24 April 2015
Last updated 4 hours ago
Apr 23 2009 | 10:53am ET
Troubled hedge fund manager Absolute Capital Management, which was thrown into turmoil two years ago by the resignation of its controversial founder, plans to delist its shares from London’s Alternative Investment Market.
The firm told the stock exchange that one-third of its shareholders have already approved the plans; it requires three-quarters approval. If its investors give the proposal the OK, AbCap will delist by June.
The firm said its assets have fallen so low that “there is no longer any advantage” in remaining listed. AbCap, which once managed more than US$3 billion, now has just £1.6 million (US$2.3 million) in assets under management, according to the filing.
In 2007, AbCap was rocked by the abrupt departure of co-founder Florian Homm and the revelation that Homm had put as much as a quarter of AbCap’s equity fund’s assets into highly-illiquid pink sheets. The firm then suspended redemptions, putting the illiquid assets into side pockets.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…