{"id":4867,"date":"2006-08-14T00:00:00","date_gmt":"2006-08-14T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-reports-insider-trading","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2006\/hedge-fund-reports-insider-trading.html","title":{"rendered":"Hedge Fund Reports Insider Trading"},"content":{"rendered":"<div class=\"moz-text-html\">  HedgeCo.Net (New York) &#8211; Hedge fund Okumus, worth $800 million, is claiming some of the buyers may have been tipped off about the Hewlett-Packard Co.\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s imminent $4.5 billion buy out of Mercury, an  IT management service company.  <\/p>\n<div class=\"writeboardbody\">\n<p>      Hewlett-Packard said that it won\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2t be able to go through with its offer on schedule, now that these allegations of impropriety surfaced about the deal.    <\/p>\n<p>      Okumus alleges it lost $27 million by selling its Mercury shares before the announcement of the upcoming sale was made. The hedge fund sold the shares at $37.97 to $39.11. After the market      closed on July 25, H-P unveiled its $52-a-share bid, which represented a 33 percent premium to Mercury Interactive\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s closing price the day before the deal was announced.    <\/p>\n<p>      The hedge fund has asked a New York state judge to order the release of names of any customers who bought some 2.4 million shares of Mercury from Okumus Capital in late July. Goldman Sachs      served as the main adviser to Mercury Interactive in the transaction.    <\/p>\n<p>      Okumus Capital is led by 36-year-old hedge fund manager Ahmet Okumus. Raised in Istanbul, Okumus comes from a wealthy Turkish family. He attended college in the U.S. and worked briefly for      <span class=\"caps\">AG<\/span> Edwards before going out on his own. In a 2003 profile, Forbes referred to Okumus as a \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201chedge-fund phenom,\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 noting that his oldest fund had an annualized return of      42%.    <\/p>\n<p>      Technically, the filing isn\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2t a lawsuit, but he implication is that someone tipped off customers and others on Wall Street about the deal, making Okumus Capital an unwitting seller. Okumus must      convince a judge there\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s sufficient grounds to compel Goldman Sachs and Jefferies to turn over the names in a motion called an \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201corder to show cause,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d    <\/p>\n<p>      \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cInsider trading is a difficult case to make,\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 says Ron Geffner, a partner with Sadis &amp; Goldberg. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cIn most cases it requires a smoking gun. Either you have testimony from an involved      party, witness or written correspondence.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d    <\/p>\n<\/p><\/div>\n<\/div>\n<p>  Alex Akesson<br \/>  Contributing Writer<br \/>  HedgeCo.Net<br \/>  Email: Editor@hedgeco.net<\/p>\n<p>  HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<\/p>\n<p>  <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=\"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong>  and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HedgeCo.Net (New York) &#8211; Hedge fund Okumus, worth $800 million, is claiming some of the buyers may have been tipped off about the Hewlett-Packard Co.\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s imminent $4.5 billion buy out of Mercury, an IT management service company. Hewlett-Packard said that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4867","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4867","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=4867"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4867\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}