{"id":5189,"date":"2006-10-24T00:00:00","date_gmt":"2006-10-24T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-wants-board-seat","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2006\/hedge-fund-wants-board-seat.html","title":{"rendered":"Hedge Fund wants Board Seat"},"content":{"rendered":"<div class=\"writeboardbody\">  HedgeCo.Net (New York) &#8211; Hedge fund Basswood Capital Management, a New York hedge fund with about $2 billion in assets under managements, is asking for a board seat with <span class=  \"caps\">WCI<\/span> Communities Inc., due to the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cextreme underperformance\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d.  <\/p>\n<p>    Basswood has about 2 million invested in <span class=\"caps\">WCI<\/span> shares, or 5%. The hedge fund wrote in a letter that given <span class=\"caps\">WCI<\/span>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201clarge inventory of entitled land    in coastal Florida purchased prior to 2000,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Bosswood is entitled to private meetings with each of <span class=\"caps\">WCI<\/span>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s board members \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201ca request it says has been previously    ignored\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u00a6&#8230;and debate if <span class=\"caps\">WCI<\/span> could be sold to a larger, better capitalized and more profitable home-building company.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d  <\/p>\n<p>    <span class=\"caps\">WCI<\/span> is a luxury home builder based in Bonita Springs, recent tradings have been down at $15.87, 16.5 percent below its March 2002 initial public offering price. The    company has been progresing steadily downhill,condo defaults are at 4 percent. New orders were down by 80%, and in July, workers were laid off.  <\/p>\n<p>    Other hedge funds with vested intrest in the issue are Highbridge Capital Management <span class=\"caps\">LLC<\/span>, another activist shareholder with 3% and Wellington Management Co. <span class=    \"caps\">LLC<\/span>, with 12.6 percent of <span class=\"caps\">WCI<\/span>.  <\/p>\n<p align=\"left\">    Alex Akesson<br \/>    Contributing Writer<br \/>    HedgeCo.Net<br \/>    Email: <a href=\"mailto:Editor@hedgeco.net\">Editor@hedgeco.net<\/a>   <\/p>\n<div align=\"left\">\n<p align=\"left\">      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<div align=\"left\">\n<p align=\"left\">        <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<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>HedgeCo.Net (New York) &#8211; Hedge fund Basswood Capital Management, a New York hedge fund with about $2 billion in assets under managements, is asking for a board seat with WCI Communities Inc., due to the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cextreme underperformance\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d. Basswood has [&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-5189","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5189","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=5189"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5189\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}