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“#Stewart Bainum seeks new financing for $680M bid for Tribune” A Maryland hotel executive is trying to assemble new financing for a $680 million offer to buy Tribune Publishing after his partner, a Swiss billionaire, pulled out of the bidding for the newspaper chain. Stewart Bainum is talking to other potential investors after Hansjörg Wyss…
“#Morgan Stanley reveals nearly $1B loss from Archegos implosion” Morgan Stanley lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said Friday, muddying its 150 percent jump in first-quarter profit that was powered by a boom in trading and deal-making. Morgan Stanley was one of several banks that had exposure to Archegos, which…
“#Jordan Belfort has investing advice for the Reddit crowd” Jordan Belfort, the infamous stockbroker who inspired the hit 2013 film “The Wolf of Wall Street,” is hosting a new documentary for the Discovery+ streaming service about the wild rise and fall of GameStop’s stock. Discovery took notice when Belfort weighed in as the GameStop saga unfolded,…
“#Senate Banking chair presses Wall Street banks on Archegos ties” The Democratic chair of the Senate Banking Committee has written to several large banks, including Credit Suisse and Japan’s Nomura, asking them for information on their relationship with New York-based Archegos Capital Management after the fund imploded last month. Sen. Sherrod Brown (D-Ohio) asked the…
“#Due diligence underway for all of Tribune, as Hartford group forms to buy Courant” As the bidding war for Tribune Publishing heats up, groups of investors are quietly forming allegiances on the sidelines in hopes of snagging newspaper assets expected to be sold off in the process. The latest group to emerge as potential buyers…
“#Tribune board will consider $680M bid after OK’ing lower offer” Efforts to buy the publisher of the New York Daily News and the Chicago Tribune are heating up yet again. On Monday, Tribune Publishing said the special committee advising its board on a sale has given the thumbs up for the company to start reviewing…
“#Feds’s low-interest rates are subsidizing hedge fund losses” The full postmortem on Archegos Capital won’t be written for a while, but one thing is already clear: This little-known hedge fund run by a trader named Bill Hwang has become the latest lightning rod for Wall Street greed run amok. Greed may indeed be one of…
“#All eyes on billionaire Patrick Soon-Shiong as battle for Tribune heats up” As the battle to buy New York Daily News publisher Tribune Publishing heats up, the pressure is expected to mount for Dr. Patrick Soon-Shiong, the billionaire owner of the LA Times who holds the key to any sale thanks to his 24-percent stake…
“#2nd deep-pocketed white knight joins bid for Tribune Publishing” A Swiss-born billionaire has become the latest white knight to seek to wrestle control of Tribune Publishing from cost-cutting hedge fund Alden Global Management. Hansjorg Wyss, former CEO of medical device manufacturer Synthes who resides in Wyoming, told the New York Times he’s teaming up with…
“#Bill Hwang of Archegos at center of massive margin call” Despite being a rarefied “Tiger cub,” Bill Hwang was not well known on Wall Street until he blew up in what might be the biggest margin call of all time, causing billions in losses. Hwang, a former protege of noted Tiger Management founder Julian Robertson,…