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Asset Management

  • February 9, 2015

    Manitowoc Tweaks Governance Provisions In Truce With Icahn

    Two weeks after it unveiled plans to spin off its food-service business amid pressure from Carl Icahn, Manitowoc Co. agreed Monday to give the activist investor two board seats and implement a series of shareholder-friendly governance provisions at the spun-out company.

  • February 8, 2015

    Puerto Rico Bondholders Shoot Down Restructuring Law

    A federal judge struck down a Puerto Rico law that threatened investors in public corporations with harsh restructuring terms, a victory for investment funds battling to protect billions of dollars in debt claims against the commonwealth’s beleaguered electric utility.

  • February 6, 2015

    Caesars Swaps Case Tests Investors' Sway

    Investors who bet on an early default by Caesars Entertainment Operating Co. should find out from a referee panel on Monday if they can collect on some $1.7 billion worth of debt insurance contracts in a dispute that has fanned worries about swap investors manipulating debt restructurings.

  • February 6, 2015

    Stanford Receiver Faces Uphill Battle In 1st Insider Trial

    Trial begins Monday in the first fraudulent transfer suit against an alleged insider of convicted Ponzi schemer R. Allen Stanford, but Dallas jurors may be reluctant to penalize the former U.S. diplomat who worked as a consultant for Stanford if he can show he provided honest services in good faith, white collar experts say.

  • February 6, 2015

    Tax Pros Warn New IRS Rule On Reinsurance May Backfire

    As the IRS works to finalize guidance addressing the use of foreign reinsurance companies to shelter hedge fund earnings from taxes, practitioners say regulators should be careful to not write overly restrictive rules that could ensnare legitimate insurers.

  • February 6, 2015

    RadioShack Pushes Quick Sale, Pledges Open Auction

    RadioShack Corp. lawyers signaled on Friday that the fallen electronics retailer will entertain liquidation bids for its best stores as an alternative to a prearranged going concern sale to Standard General LP and will push an aggressive timetable to execute whatever transaction emerges.

  • February 6, 2015

    4 IPOs Draw $1.33B As Strong 2015 Starts To Take Shape

    Columbia Pipeline Partners LP rocked a $1.1 billion initial public offering as three other companies, including a real estate investment trust and a biopharmaceutical company, rolled out their debuts, closing out the first week of February as the upbeat outlook for 2015 starts to take shape.

  • February 6, 2015

    Corporate Defaults Have Skyrocketed In 2015, S&P Finds

    The number of defaults by corporate issuers of securities across the globe rose sharply in the first weeks of 2015, with 12 companies missing debt payments, the highest level since 2012, according to Standard & Poor's Rating Services.

  • February 6, 2015

    RadioShack's Unusual Deal With Sprint Unlikely To Save It

    RadioShack Corp.'s unusual plan to co-op most of its remaining stores with Sprint Corp. is unlikely to save the bankrupt electronics retailer from extinction but may serve as a clever way to sell off its remaining merchandise before going out of business for good, experts said Friday.

  • February 6, 2015

    Pershing Taps Ex-NY Federal Prosecutor As Senior Counsel

    A former federal prosecutor in Manhattan has joined the $18 billion hedge fund Pershing Square Capital Management LP as senior counsel, Pershing confirmed on Friday.

  • February 6, 2015

    SEC's Oppenheimer Dissent Shows Cracks In Waiver Reform

    The public outcry of two U.S. Securities and Exchange Commission members over a decision to give Oppenheimer & Co. a pass on being deemed a "bad actor" after it admitted to breaking securities laws has again stirred the debate over whether the agency needs to get tougher on recidivist firms.

  • February 6, 2015

    DuPont Rejects Activist Trian's Board Picks

    A proxy battle is breaking out between the board of DuPont Co. and activist investor Nelson Peltz’s hedge fund Trian Fund Management LP, one of the chemical conglomerate’s largest shareholders, with $1.9 billion of its shares, after the company rejected three of Trian’s board nominees, including Peltz, claiming that the activist refused to negotiate.

  • February 6, 2015

    Credit Agricole, Ardian Team To Buy Italian Airport Stake

    A joint venture of private equity firm Ardian and Credit Agricole SA's insurance division on Friday agreed to buy a 49 percent stake in a holding company of Italian infrastructure funds, F2i Aeroporti SpA, which has holdings in airports that handle a quarter of Italy's air travel market.

  • February 6, 2015

    Easterly Government Shares Rally After Raising $180M In IPO

    Easterly Government Properties Inc., a real estate investment trust that leases office space to U.S. government agencies, raised $180 million in its initial public offering, and promptly watched shares rally in debut trading Friday.

  • February 6, 2015

    Sandell Urges Brookdale REIT Spin-Off, Board Shake Up

    Activist investor Sandell Asset Management Corp. publicly urged Brookdale Senior Living Inc. on Friday to spin off its property portfolio into a real estate investment trust and shake up the structure of its board.

  • February 6, 2015

    Real Estate Rumor Mill: Baccarat, Kaisa, BofA and Apollo

    A Chinese insurance company has reportedly inked a deal to pick up a Manhattan hotel for $230 million — or a record $2 million per room — while troubled developer Kaisa Group Holdings Ltd. is said to have paid off a missed bond coupon and Bank of America Corp. and Apollo Global Management LLC’s property arm has reportedly provided $390 million for a Brooklyn residential project.

  • February 5, 2015

    Stockton Bankruptcy Plan OK’d Despite Holdout

    A federal bankruptcy judge on Wednesday approved the Chapter 9 plan of Stockton, California, over an objection by Franklin Templeton Investments Inc., which argued that pension obligations should have been impaired to boost its sub-1-percent recovery on $32.5 million in unsecured bond debt.

  • February 5, 2015

    $7.7B MBS Suit Against RBS Shows Signs Of Life

    Royal Bank of Scotland Group PLC, Deutsche Bank AG and others may face a class action over $7.7 billion in mortgage-backed securities, after a New York federal judge on Thursday revived the suit after the Second Circuit nixed her earlier dismissal of the case.

  • February 5, 2015

    Wainscott Founder's Son Charged With Murdering Father

    Thomas Gilbert Jr., the son of Wainscott Capital Partners founder Thomas Gilbert Sr., has been indicted on second-degree murder charges in the January shooting death of his father, the New York County District Attorney’s Office announced on Thursday.

  • February 5, 2015

    Hilton, PepsiCo. Tapped For Caesars Creditors Committee

    The U.S. Trustee’s Office on Thursday appointed a diverse group of businesses to a committee representing unsecured creditors in Caesars Entertainment Operating Co.’s contentious bankruptcy, ranging from slot machine maker International Game Technology to hotel operator Hilton Worldwide Inc. and PepsiCo. Inc.