{"id":4029,"date":"2006-02-23T00:00:00","date_gmt":"2006-02-23T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"the-hedge-fund-report-graduating-from-harvard-thestreetcom","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2006\/the-hedge-fund-report-graduating-from-harvard-thestreetcom.html","title":{"rendered":"The Hedge Fund Report: Graduating From Harvard – TheStreet.com"},"content":{"rendered":"

TheStreet.com – Hedge fund managers are always bargain-hunting. An example is the recent interest in Price Communications<\/strong> (PR<\/a> :NYSE – news<\/a> – research<\/a> – Cramer’s Take<\/a>), aholding company whose sole claim to value is that its stock will become exchangeable into shares of Verizon<\/strong> (VZ<\/a> :NYSE – news<\/a> – research<\/a> – Cramer’s Take<\/a>) onAug. 15. A year after that, the limited partnership will be liquidated, and owners will get 0.52 shares of Verizon plus roughly $1.25 of cash for each share, says Andrew Baker, an analyst at CathayFinancial.<\/span><\/p>\n

Currently, Price Communications trades at $16.76, and Verizon at $34.78. The ratio implies a discount in Price, which at Verizon’s current price would be worth $19.33, including the cash.<\/span><\/p>\n

Of course, the exact return will depend on how Verizon will trade in August. But so far, the Price Communications trade looks like buying Verizon at a discount.<\/span><\/p>\n

Last week, Sowood Capital Management, a hedge fund manager founded by former managers of Harvard University’s endowment, announced a 7.9% stake in Price, making it the third-biggest holder of the shares. In fact, the top three largest shareholders are all hedge funds, with Atticus Capital owning 19% of the stock and Westchester Capital Management 8%, according to regulatory filings.<\/span><\/p>\n

ReadComplete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TheStreet.com – Hedge fund managers are always bargain-hunting. An example is the recent interest in Price Communications (PR :NYSE – news – research – Cramer’s Take), aholding company whose sole claim to value is that its stock will become exchangeable […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4029","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4029"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4029\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}