Asset Management

  • November 17, 2014

    REIT DiamondRock Sells LA Marriott For $160M

    DiamondRock Hospitality Co. is selling the 1,004-room Marriott hotel near Los Angeles International Airport to a Chinese developer for $160 million, the latest in a wave of foreign real estate investment in Los Angeles, the Maryland-based real estate investment trust announced on Monday.

  • November 17, 2014

    Ex-DBSI Prez Faces SEC Admin Suit Over Ponzi Scheme

    The U.S. Securities and Exchange Commission on Friday suspended and filed an administrative complaint against the former president of DBSI Inc. following his August sentencing by an Idaho federal judge to 20 years in prison for his role in running a Ponzi-like scheme through the bankrupt real estate firm.

  • November 17, 2014

    FINRA Eyes High-Speed Trader Surveillance With New Rules

    The Financial Industry Regulatory Authority is looking to expand the trade data that dark pool operators and other off-exchange platforms have to report to it, on the grounds that it will help the regulator better track unregistered high-frequency firms and catch manipulative conduct, according to rule proposals issued on Friday.

  • November 17, 2014

    Allergan Finds White Knight In $66B Actavis Takeover

    Allergan Inc. said Monday it would sell itself to rival drugmaker Actavis PLC for roughly $66 billion to thwart the long-running $55 billion hostile buyout campaign launched by Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman.

  • November 14, 2014

    SEC Wants $602M SAC Settlement To Go To Victims

    The U.S. Securities and Exchange Commission asked a New York federal court on Friday to set up a “fair fund” that would allow the $602 million paid by SAC Capital Advisors LP in connection with alleged insider trading of Elan Corp. and Wyeth LLC stock to be used to compensate investors who were harmed.

  • November 14, 2014

    Valeant Disclosures Approved In Allergan Inside Trading Row

    A California federal court Friday implemented an order that Valeant Pharmaceuticals International Inc. and Bill Ackman’s hedge fund make additional disclosures regarding Allergan Inc.'s insider trading suit, setting the stage for a special shareholder meeting next month that could decide the fate of their hostile takeover bid.

  • November 14, 2014

    Convicted Goldman Director Appeals 2 Cases To High Court

    Rajat Gupta, the man convicted of passing insider stock tips to hedge fund founder Raj Rajaratnam, has told the Supreme Court that New York federal judge Jed Rakoff's findings in Gupta's civil and criminal suits were in direct conflict with each other.

  • November 14, 2014

    Falcone Won't Give Up On LightSquared Equity Play

    Philip Falcone’s hedge fund signaled Thursday that it won’t abandon efforts to split up LightSquared Inc. and erase a competing lending group’s $1.7 billion debt claim to salvage its ownership stake in the bankrupt wireless venture.

  • November 14, 2014

    Canyon Capital Picks Up 2 Chicago Apartment Complexes

    Canyon Capital Realty Advisors LLC said Friday it has acquired two apartment complexes in suburban Chicago through its Canyon Multifamily Impact Fund as part of the fund’s strategy of upgrading housing near Chicago and Los Angeles to benefit local workforce.

  • November 14, 2014

    2nd Circ. Says Pension Fund Claims Unavailable Under ERISA

    The Second Circuit begrudgingly upheld a New York district court finding that an employee welfare benefit fund couldn’t sue Gerber Life Insurance Co. for payment on claims tendered by beneficiaries of both plans, saying Friday that the relief sought was unavailable under the Employee Retirement Income Security Act.

  • November 14, 2014

    Stockton Holdout Wants Ch. 9 Plan Stopped During Appeal

    Franklin Templeton Investments Inc., the lone creditor lined up against Stockton, California’s proposed debt restructuring, filed an appeal on Wednesday of the city's plan to pay off less than 1 percent of $32.5 million in bond debt while satisfying retiree pension claims in full.

  • November 14, 2014

    PE Funds Embrace Direct Lending As Debt Demand Soars

    Private equity debt funds are increasingly embracing direct investing as the preferred debt investment strategy as new regulations put traditional lenders in a bind even as corporate demand for debt remains lofty, according to a report by Preqin.

  • November 14, 2014

    Taxation With Representation: Wachtell, Cravath, Cadwalader

    In this week's Taxation With Representation, Berkshire Hathaway snags a beloved battery brand in a $4.7 billion deal while North Carolina-based BB&T Corp. moves into Pennsylvania through its $2.5 billion purchase of Susquehanna Bancshares Inc.

  • November 14, 2014

    Cash-Strapped CFTC Faces Troubled Return To Admin Court

    The Commodity Futures Trading Commission is set to soon bring its first enforcement action in administrative court in over 10 years, but experts worry the cost-conscious move away from federal courts could leave litigants scrambling in front of administrative law judges with zero expertise in the complex financial transactions being disputed.

  • November 14, 2014

    Investors Seek Final OK For $590M PE Collusion Settlement

    Investors in a long-running proposed class action accusing several top private equity funds of colluding to depress leveraged buyout prices urged a Massachusetts federal judge Thursday to give final approval to $590.5 million in settlements, saying it's an exceptional recovery in the hard-fought litigation.

  • November 14, 2014

    As SEC Scrutiny Heats Up, PE Attorneys Get Serious

    In part one of a three-part examination of the U.S. Securities and Exchange Commission’s new efforts to regulate the private equity industry, here’s a look at the first big SEC enforcement action and what experts expect next.

  • November 14, 2014

    DC Circ. Says SEC Can Withhold FINRA Arbitration Docs

    The U.S. Securities and Exchange Commission may withhold documents it collects while examining the Financial Industry Regulatory Authority's arbitration program, the District of Columbia Circuit ruled Friday, affirming a lower court’s decision to block a Freedom of Information Act request by an investor interest group for FINRA arbitration documents.

  • November 14, 2014

    Japanese REIT Arm Snaps Up $229M Office, Retail Portfolio

    The asset management arm of Japanese real estate investment trust Ichigo Real Estate Investment Corp. announced Friday that it has gone under contract to pick up 11 office and retail assets for 26.7 billion yen ($229 million) as part of its plans to diversify and grow its property holdings.

  • November 13, 2014

    President Of Dallas Fed To Step Down In March

    Federal Reserve Bank of Dallas President and CEO Richard W. Fisher announced on Thursday that he will retire his post effective in March after nearly a decade at the helm of the branch.

  • November 13, 2014

    Orthotic Co. Faces Stock Drop Suit Over Medicare Audits

    Austin, Texas-based orthotic and prosthetic patient-care services provider Hanger Inc. was hit Wednesday with a putative class action in Texas federal court by a pension fund alleging the company lied about the impact of Medicare audits it faced after the passage of the Affordable Care Act.