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February 14, 2009 | Times Wire Reports
Citadel Investment Group, the $13-billion hedge-fund firm run by Kenneth Griffin, will allow clients to make withdrawals from its two largest funds after freezing them last year. Chicago-based Citadel will decide each quarter whether to make payments from its Wellington and Kensington funds, Griffin said in an investor letter. Clients will be notified of any amounts available for redemption.
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BUSINESS
February 14, 2009 | Times Wire Reports
Citadel Investment Group, the $13-billion hedge-fund firm run by Kenneth Griffin, will allow clients to make withdrawals from its two largest funds after freezing them last year. Chicago-based Citadel will decide each quarter whether to make payments from its Wellington and Kensington funds, Griffin said in an investor letter. Clients will be notified of any amounts available for redemption.
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BUSINESS
March 4, 2008 | From Times Staff and Wire Reports
Online brokerage E-Trade Financial Corp., whose stock was the worst-performing in the Standard & Poor's 500 index last year, named a former JPMorgan Chase & Co. vice chairman as chief executive. Donald Layton, 57, became New York-based E-Trade's chairman in November when the company ousted CEO Mitchell Caplan and received a $2.55-billion cash infusion from hedge fund Citadel Investment Group. Layton said Monday that there were no plans to sell or break up E-Trade, which has about $12 billion in troubled home equity loans on its books.
BUSINESS
March 4, 2008 | From Times Staff and Wire Reports
Online brokerage E-Trade Financial Corp., whose stock was the worst-performing in the Standard & Poor's 500 index last year, named a former JPMorgan Chase & Co. vice chairman as chief executive. Donald Layton, 57, became New York-based E-Trade's chairman in November when the company ousted CEO Mitchell Caplan and received a $2.55-billion cash infusion from hedge fund Citadel Investment Group. Layton said Monday that there were no plans to sell or break up E-Trade, which has about $12 billion in troubled home equity loans on its books.
BUSINESS
January 19, 2007 | From Bloomberg News
NBC Universal Inc. is supporting a bid by Citadel Investment Group to buy control of television station owner Ion Media Networks Inc. that values the company at about $1.4 billion including preferred stock. The proposal would pay investors in West Palm Beach, Fla.-based Ion, formerly Paxson Communications Corp., $1.41 a share, more than double the stock's closing price of 62 cents Wednesday, according to a regulatory filing by NBC and Citadel.
BUSINESS
October 20, 2004 | From Bloomberg News
The Securities and Exchange Commission on Tuesday scheduled an Oct. 26 vote on its proposal to open the $866-billion hedge fund industry to agency oversight for the first time. SEC Chairman William H. Donaldson champions the plan, which would require hedge fund managers to register with the SEC and allow regular agency inspections of the private partnerships for wealthy investors. Donaldson says the largely unregulated investment pools are growing too quickly to be exempt from scrutiny.
BUSINESS
August 4, 2007 | From Bloomberg News
Hedge fund operator Sowood Capital Management said Friday it would return $1.4 billion to investors after losing an estimated 60% of their money last month betting on corporate bonds and loans. Sowood, based in Boston, had more than $3 billion in assets at the end of June, the firm's founder, Jeff Larson, told investors in a conference call. The fund sold most of its holdings Monday to Chicago-based Citadel Investment Group after failing to meet lenders' demands for more collateral.
BUSINESS
March 22, 2007 | E. Scott Reckard, Times Staff Writer
Fremont General Corp., which shut down its sub-prime mortgage lending this month under pressure from federal regulators, said Wednesday that it had agreed to sell about $4 billion of these loans. The Santa Monica lender, which operates through a bank subsidiary, Fremont Investment & Loan, said it already had received $950 million in cash from its first loan sale and expected to complete the rest of the sales over the next several weeks.
BUSINESS
June 14, 2000 | ABIGAIL GOLDMAN, TIMES STAFF WRITER
EToys Inc., the struggling Santa Monica-based Internet toy seller whose stock has lost 92% of its value since October, said Tuesday that it will get a $100-million cash infusion from private investors that will keep it in business until late next year. In March, EToys said it had $140 million in cash, or just enough money to bring it through this year's crucial holiday shopping season.
BUSINESS
March 6, 2007 | From Bloomberg News
Citadel Investment Group agreed to buy Brea-based ResMae Mortgage Corp. for about $180 million, beating out Credit Suisse Group in a Chapter 11 auction for the mortgage lender. The Chicago-based hedge-fund manager will pay about $20 million for ResMae's lending business and 98.5 cents on the dollar for the company's $160-million loan portfolio, said Ron Greenspan, a financial advisor for ResMae's creditors. U.S. Bankruptcy Judge Kevin J. Carey in Wilmington, Del.
BUSINESS
December 11, 2007 | Walter Hamilton, Times Staff Writer
A stream of cash from private investors into banks and other companies that have been hurt by the sub-prime mortgage crisis is raising hope that battered financial stocks have hit bottom. Swiss banking giant UBS and No. 1 bond insurer MBIA Inc. on Monday became the latest financial companies to attract money from outside investors to fortify their capital in the face of expected mortgage-related losses. Similar cash-raising moves were announced in recent weeks by Citigroup Inc.
BUSINESS
July 31, 2007 | Walter Hamilton, Times Staff Writer
You can exhale -- the market bounced. Stock prices climbed Monday as investors searched for bargains in the wreckage of last week's deep sell-off caused by worries about a possible corporate credit crunch. The Dow Jones industrial average gained 92.84 points, or 0.7%, to 13,358.31, recouping about one-sixth of its 585-point loss last week. The S&P 500 stock index rose 14.96 points, or 1%, to 1,473.91.
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