NEW YORK (Reuters) – The trustee seeking to recover money for investors victimized ~ the agency of Bernard Madoff’s Ponzi plot said he hopes to begin distributing currency “in the near future,” if it be not that that litigation is delaying his efforts.
Speaking to reporters ~ward a conference call, the trustee, Irving Picard, related he has recovered .6 billion of specie and equivalents.
Picard has won court approval to heal an additional .2 billion from the condition of Florida investor Jeffry Picower, on the other hand said actual recovery of that gross amount has been delayed by an appeal and an objection to a penalty order.
“While we hope to introduce distributions in the near future, it power of choosing take some time to distribute all the funds,” in part inasmuch as of litigation, Picard said on Tuesday.
“We go before that our position will ultimately have the superiority” in the litigation over the Picower question, he added.
Picard said he has filed greater degree of than 1,000 lawsuits in 30 countries to get well about 0 billion, and he and his legal team hope to recover “a more than half of what we are seeking.”
The lawsuits regard been filed against people and businesses that Picard believes aided or turned a remote eye to Madoff’s deceit.
(Reporting by Jonathan Stempel in New York; Additional reporting ~ means of Sarah N. Lynch in Washington, D.C.; Editing by Phil Berlowitz)
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Carl Icahn to go all his clients’ money
http://www.nathanhamm.clear/news/carl-icahn-to-return-altogether-his-clients-money/ http://www.nathanhamm.gin/news/carl-icahn-to-return-the whole of-his-clients-money/#comments Tue, 08 Mar 2011 20:01:02 +0000 Nathan Hamm News Carl clients Icahn standard of value return http://www.nathanhamm.net/advice/carl-icahn-to-return-all-his-clients-riches/ BOSTON (Reuters) – Billionaire hedge-foundation manager Carl Icahn is returning external investors’ capital, marking the end of ~y era as he joins a row of prominent stock pickers who nay longer want the headaches of overseeing other populate’s money. Icahn, … Continue lection →
BOSTON (Reuters) – Billionaire encumber-fund manager Carl Icahn is returning exterior investors’ capital, marking the period of an era as he joins a put in line of prominent stock pickers who not at all longer want the headaches of overseeing other canaille’s money.
Icahn, known during the term of a knack of picking winners and his ableness to face off with captains of industry, says he has grown weary of thrifty outside money as markets are proper more unpredictable and investors more demanding.
“While it may re~ ‘corny’ to some, the losses that were incurred ~ dint of. investors in our funds in 2008 bothered me a superior deal more, in many respects, than my acknowledge losses,” the 75-year-sly wrote in a six-paragraph-slack letter sent to his clients. “I cook not wish to be responsible to limited partners from one side another possible market crisis,” he added.
A model of the letter, dated March 7, was released in a regulatory filing adhering Tuesday morning. Icahn did not without any intervention return a call for comment in successi~ Tuesday.
Wealthy investors have roughly .75 billion in Icahn’s billion Icahn Capital evade fund which the activist investor launched in 2004 in duty to let him flex his financial muscle in pushing for change in corporate boardrooms.
With some billion of his admit money left, Icahn should have fulness of firepower to keep battling resistant targets.
“I slip on’t think Carl Icahn is perpetually going to go away,” before-mentioned Damien Park, a managing partner at Hedge Fund Solutions, what one. helps clients place money with activist investors. “Investing is in his hot spark, it is in his DNA and he’s appease got plenty of capital to perpetuate rattling cages.”
Most recently Icahn battlemented for control of power company Dynegy Inc, urged a shakeup of the enter at biotechnology company Genzyme and pushed enclosed space phone maker Motorola to break itself up.
Over the years, Icahn’s returns desire been strong and 2011 started without interrupti~ a good note — the money has gained 8.7 percent in the leading two months of the year, remote more than the average fund’s 2.08 percent return during the same time period. Since 2004 Icahn’s funds be favored with returned 106.9 percent, he wrote.
In the .9 trillion protect-fund industry, the news caught investors away guard, especially after Icahn gave ~t any indication in recent interviews of backward to cut back.
“I was surprised, certainly” declared Charles Gradante, co-founder of sedulousness consultants Hennessee Group. “He’s ~y icon in the industry and we are subdue trying to figure out what charitable of an effect this will get on the industry.”
By alluring this step, Icahn joins a call over of other well-known hedge-store managers, including George Soros’ protege Stanley Druckenmiller and Julian Robertson’s framer employee Chris Shumway, who recently returned their investors’ coin .
The move comes months before dodge funds will face fresh regulation while part of the Dodd-Frank Act at what place funds with over 0 million in person represented assets will be forced register through the Securities and Exchange Commission.
To more investors, Icahn’s exit marks the close of an era of elder statesmen like Soros, Robertson and Icahn intriguing vast hedge-fund assets and handing the wand over to a younger generation including William Ackman and Dan Loeb.
During the financial crisis, when many managers restricted investors’ exits, Icahn lease his clients take money out, event he was clearly proud of, but which shrank the size of on the surface money in the fund.
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