Tag Archives: tse

General Growth jumps after hedge fund investment

Struggling General Growth Properties Inc. rallied Tuesday after disclosing an investment from hedge fund manager Pershing Square Capital Management LP. General Growth stock nearly doubled in morning trading.

New York-based Pershing Square Capital bought 20.1 million shares of General Growth Properties stock this month, giving it a 7.5 percent stake in the company. It also has options on an additional 33.4 million shares for a total of a nearly 20 percent stake.

Chicago-based General Growth Properties reported a $15.4 million loss for its latest quarter. It has suspended its shareholder dividend and halted plans for new development. The company, facing a looming deadline for maturing

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Another horrible day for the major markets

The Times of Trenton – Stocks prices fell sharply again yesterday, ending the Standard & Poor’s 500 Index below 1,000 for the first time since 2003 on speculation banks and real-estate companies are running short of money as the credit crisis worsens.

Bank of America tumbled 26 percent after cutting its dividend in half and saying it plans to sell $10 billion in common stock to brace for a recession. Morgan Stanley, KeyCorp and JPMorgan Chase slid more than 10 percent as investors shrugged off signs the Federal Reserve will reduce interest rates. General Growth Properties, a mall owner, plunged 42 percent on concern it won’t be able to repay debt.

"We’ve approached the edge of the cliff," Leon Cooperman, 65, who manages $6 billion at hedge fund Omega Advisors, said at the Value Investing Congress in New York. "Do we go over the cliff or begin to recede? History says we recede, but there’s no guarantee. 

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J-Power Wins Shareholder Vote on Payout, Defeats TCI

Bloomberg- J-Power shareholders defeated a proposal by U.K. hedge fund TCI for the company to double its dividend, ending a monthlong proxy battle and sending the stock to its biggest decline since February.

Shareholders of Electric Power Development Co., the official name of Japan’s largest power wholesaler, rejected all five proposals by the investment company including limiting cross- shareholdings and doubling the yearly dividend at the utility’s annual general meeting in Tokyo today. The investors approved the board’s proposal to raise the payout by 10 yen to 70 yen.

Today’s vote marks the end of a public spat between the utility and The Children’s Investment Fund Management (UK) LLP, as the utility’s largest shareholder is officially known. The verdict undermines efforts by an increasing number of foreign investors pushing Japanese companies to improve shareholder returns that are less than half of those in the U.S.

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Shareholders Approve $7.2 Billion WaMu Bailout

New York (HedgeCo.Net) – A $7.2 billion bailout package was approved Tuesday by 94% of Washington Mutual Shareholders in a move that gives private equity firm TPG control of over 50% of the company, says the Seattle Times.

Not that there was much of an alternative. The other option would come in the form of a $792 million dividend that WaMu would have to pay the company, with increasing payments ahead. Though that didn’t stop protesters led by the Service Employees International Union to emphasize that this was a “toxic deal.”

The Union also stated that the private equity firm would seek high profits in the short term and “squeeze these returns from troubled banks through higher fees for bank customers, unfair lending practices and exorbitant interest rates on credit cards and other consumer products.”

In April, TPG bought 176 million shares of WaMu at $8.75 each, a 33% discount at the time.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: [email protected]

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Hedge funds lose shareholder vote on Jelmoli stock split

Forbes- Four hedge funds that own shares in Jelmoli Holding AG. have failed to win over investors at a vote over a proposed stock split and a special dividend at the Swiss retail and real estate companies.

The four funds Franklin Mutual, Fortelus, Sandelman und Obrem had filed a motion at Wednesday’s annual general meeting for a 5 to 1 split of the bearer shares and an extraordinary dividend of 115 Swiss francs, which would have resulted in owners of bearer shares losing voting power to holders of registered shares.

Investor Georg von Opel, who owns 25.2 percent of Jelmoli’s share capital but 52.9 percent of the voting rights, opposed the plans.

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