Asset Management

  • October 14, 2014

    BakerHostetler Atty Denies Ethics Accusation In Fraud Case

    A BakerHostetler defense attorney on Tuesday urged a New York federal judge not to disqualify him from a $230 million tax fraud case, claiming he didn’t violate ethical rules by seeking to subpoena a former hedge fund client who is now a potential witness for the government.

  • October 14, 2014

    RE Rumor Mill: Extell Development, Ullink, Gingko Tree

    Extell Development is in talks with Calvary Baptist Church over a possible redevelopment deal, while Ullink is said to sign for more than 14,000 square feet in Times Square, and Gingko Tree is reportedly eyeing the purchase of a Munich office park.

  • October 14, 2014

    RBC Unit Asks Texas Court To Nix $28M Highland Judgment

    A Royal Bank of Canada unit on Tuesday asked a Texas appeals court to strike out a $28 million judgment stemming from a 2001 distressed debt deal gone wrong, arguing Highland Capital Management LP didn’t prove it had a binding sale contract or was owed any damages.

  • October 14, 2014

    Buybacks, Spinoffs Move To Front Of Activist Playbook

    Share buybacks and spinoff campaigns, long part of the activist investor’s arsenal of tools, have reinforced their place this month as the bargaining chips of choice, as activists look to leverage low interest rates and potential for high stock valuations into bigger and better returns.

  • October 14, 2014

    Ex-SEC Deputy Joins Willkie Farr’s Asset Management Group

    Willkie Farr & Gallagher LLP is fortifying its asset management practice with the addition of James R. Burns, former U.S. Securities and Exchange Commission trading and markets deputy director, in its Washington, D.C., office, the firm announced Monday.

  • October 14, 2014

    Brookfield Canada REIT Pays $855M For Calgary Office Tower

    Brookfield Canada Office Properties is buying a 56-story, under-construction office tower in Calgary, Alberta, from its parent company, Brookfield Property Partners LP, for CA$966 million (US$855.7 million), the Toronto-based real estate investment trust said on Tuesday.

  • October 14, 2014

    SEC Approves FINRA Rules On Nontraded REITs

    The U.S. Securities and Exchange Commission on Friday gave the green light to the Financial Industry Regulatory Authority’s plan to overhaul how firms calculate the value of unlisted real estate investment trusts and direct-participation programs after the self-regulatory organization made some tweaks to the plan following public comments.

  • October 14, 2014

    Ex-Two Sigma Analyst Can't Dodge IP Trial, But Bail Is Cut

    A former analyst for hedge fund Two Sigma Investments LLC accused of stealing trade secrets lost a bid Tuesday to escape a criminal trial when a New York judge found the grand jury's proceedings to be legally sound, but won a reprieve on a hefty bail that has kept him locked up.

  • October 14, 2014

    PE-Backed Eagle Point Credit Co. Raises $103M In IPO

    Private equity-backed Eagle Point Credit Co. Inc. said on Tuesday that it has closed its initial public offering, after having raised gross proceeds of roughly $103.1 million in just under a week on the New York Stock Exchange.

  • October 14, 2014

    Crown Castle Pressed To Pay Up Before More Deal Making

    Activist investor Corvex Management LP on Tuesday pressed broadcast infrastructure firm Crown Castle International Corp. to return cash to shareholders in the form of dividends or buybacks before chasing down a big-money acquisition of Verizon Communications Inc. wireless towers.

  • October 14, 2014

    Embattled Darden CEO Steps Down, Sealing Starboard Win

    The controversy-plagued CEO who sat atop Darden Restaurants Inc. during a tumultuous run that led to Friday's complete ouster of its board officially stepped down Tuesday, sealing a wholesale proxy victory for activist investor Starboard Value LP.

  • October 12, 2014

    Banks Agree To End 'Too-Big-To-Fail' Swaps Provision

    Goldman Sachs Group Inc., Bank of America Corp. and 16 other global banks have agreed to new limits on their rights as counterparties in cross-border swaps transactions, a move the International Swaps and Derivatives Association said may help end the notion that some banks are "too big to fail."

  • October 10, 2014

    Solus, Optimal Can't Get $7M Refund From Madoff Trustee

    A New York bankruptcy judge ruled Friday that SPV Optimal SUS Ltd. and Solus Recovery Fund LP are not entitled to a more than $7 million refund under an equal treatment clause in a settlement with the liquidating trustee for Bernard L. Madoff Investment Securities LLC following the trustee's $325 million deal with JPMorgan Chase & Co.

  • October 10, 2014

    Dated Accredited-Investor Standard Creates SEC Dilemma

    Three decades after the U.S. Securities and Exchange Commission set up basic barriers to entry for private securities transactions, the agency faces a choice of whether to scrap the old standards in favor of stronger investor protections, or stay closer to the status quo as some in the industry prefer.

  • October 10, 2014

    FINRA Warns Against Settlements Barring Whistleblower Tips

    The Financial Industry Regulatory Authority on Friday warned firms they could face disciplinary action if they enter arbitration settlements that bar customers or former employees from reporting wrongdoing at the firm to it or other regulators, a stance that could empower whistleblowers.

  • October 10, 2014

    Darden Ouster Shows Low Tolerance For Board Miscues

    Shareholders in Darden Restaurants Inc. dealt a rare complete victory to Starboard Value LP on Friday, giving the activist investor full board control — a notable end to this year's showpiece proxy fight and a powerful reminder that strategic and governance misplays can cost companies dearly.

  • October 10, 2014

    IRS Can Demand Highland Settlement Info From Barclays

    A New York federal judge on Thursday denied Highland Capital Management LP's bid to quash an IRS summons seeking details from Barclays Bank PLC on a $220 million deal resolving litigation over derivative transactions, saying the IRS has shown the information may be relevant to an audit of Highland.

  • October 10, 2014

    RBC Hit With $76M Judgment Over Botched Rural/Metro Sale

    A Delaware judge on Friday ordered RBC Capital Markets LLC to pay nearly $76 million to a class of former Rural/Metro Corp. shareholders for its role in the ambulance company's hasty and lowballed sale to Warburg Pincus LLC.

  • October 10, 2014

    Ex-Broker Gets 3 Years For Orchestrating Broadway Fraud

    A former stockbroker who admitted to defrauding the Broadway producers of "Rebecca" out of more than $35,000 was sentenced to almost three years in prison on Friday, and must forfeit $500,000 and pay $68,000 in restitution fees.

  • October 10, 2014

    Ex-Artis Analyst Should Get 5 Years, Prosecutors Say

    Federal prosecutors on Thursday urged a New York federal court to give a five-year sentence to a former Artis Capital Management LP analyst who copped to insider trader charges, saying he has tried to downplay his culpability by calling himself a conduit and not a primary player in the scheme.