January 19, 2007 |
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.
October 20, 2004 |
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.
August 4, 2007 |
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.
March 22, 2007 |
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.
June 14, 2000 |
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.
March 6, 2007 |
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.