Singer, Paul Elliott of Elliott Associates, LP

Paul Elliott Singer of Elliott Associates, LP

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Media Releases

July 2014 Bloomberg article entitled “Elliott Calls on Argentina to Negotiate Accord on Bonds”

April 2014 Bloomberg article entitled “Billionaire Hedge Fund Leaders Join Ricketts’s Super-PAC”

April 2014 Reuters article entitled “French regulator considers fining Elliott arm $55 million: reports”

February 2014 Reuters article entitled

February 2014 Reuters article entitled “Juniper Networks bows to Elliott’s demands”

February 2014 Reuters article entitled “Elliott readies own director slate as Juniper finalizes turnaround plan -sources”

January 2014 Mining article entitled “Hedge fund veteran’s belief in gold unshaken”

January 2014 Bloomberg article entitled “Elliott Rejects Gramercy’s Argentina Proposal as a ‘Stunt’”

January 2014 Reuters article entitled “Hedge fund Elliott raises Celesio stake to 24.08 percent”

January 2014 Reuters article entitled “Riverbed’s rejection of offer puts focus on turnaround”

January 2014 Reuters article entitled “Hedge fund Elliott offers to buy Riverbed, higher bid expected”

January 2014 Reuters article entitled “Elliott Associates hedge fund returns 12.4 percent in 2013″

June 2013 Reuters article entitled “Hess, Newfield launch sale of $3 bln of Asian assets”

May 2013 Opalesque article entitled “The Growing Concern As Stocks Race to New Highs”

May 2013 Forbes article entitled “John Hess Saves Face In Last-Minute Truce With Elliott Management”

May 2013 Institutional Investors Alpha article entitled “The Morning Brief: Hess and Elliott Call a Truce; Tepper’s Still Bullish”

May 2013 Reuters article entitled “Hess offers hedge fund two board seats but is rejected”

May 2013 Forex Live article entitled “Elliott Associates Paul Singer: Monetary stimulus causing a distorted recovery”

2013 Insider Monkey Bio, Returns, Net Worth

January 201 The Street post entitled “Icahn, Elliott Associates and Other Investors Drill for Oil and Gas Deals”

January 2013 Business Insider article entitled “The Hedge Fund Manager That Impounded Argentina’s Ship Is Now Going To War With Hess — Here’s His Thesis On The Company”

January 2013 Business Insider article entitled “Hedge Funder Paul Singer Went Ballistic On Argentina In His Q4 Investor Letter”

October 2012 Financial Times article entitled “Singer banks on the full force of law”

May 2012 NY Times Dealbook article entitled “For Elliott Management’s Singer, Success Lies in Humility”

March 2012 CNN Money article entitled “Mitt Romney’s hedge fund kingmaker”

A February 2009 company profile writes, “Elliott means action: Hedge fund firm Elliott Management takes an activist approach to investing, frequently amassing significant but minority stakes in distressed or under performing companies and attempting to foment change. It manages hedge funds Elliott Associates and Elliott International, which together manage some $10 billion of capital for large institutional investors and wealthy individuals and families. Elliott Associates invests in corporate, real estate, and sovereign debt, with investments in North America, Asia, and Europe. Founded by Paul Singer[Listed as Founder & Principal] in 1977, Elliott Associates is one of the oldest hedge funds under continuous management.”

A February 2009 article reveals that Elliott Management told investors, through its quarterly letter, that it had purchased promissory notes from Marc Dreier, was indicted on January 30 on securities fraud, conspiracy and wire fraud for lying to hedge funds and investments funds. The SEC filed a civil lawsuit against Dreier, saying he raised at least $113 million by marketing fake promissory notes to hedge funds and other private funds.

A February 2009 article reveals that Epicor Software Corp. had recently fended off a hostile takeover bid by Elliott Associates LP that dragged on for two months. Earlier articles reveal that Elliott offered to buy Epicor for $7.50 a share, which valued the company at about $450 million. With this year’s slump in Epicor shares, that was enough for some: About a quarter of Epicor’s stockholders sold roughly 14.4 million shares to Elliott before the hedge fund bowed out. Another article writes, “Hedge fund Elliott Associates LP ended its hostile takeover bid for Epicor Software Corp. after the business software maker’s board backed its view that stockholders should reject the “highly conditional” offer, and shares of Epicor slumped to a five-year low.”

A January 2009 letter from Elliott to its investors addressing the Drier Fraud writes, “There are many reasons why funds lose money, but being defrauded is among the most embarrassing and annoying,” Elliott said in the letter. “We continue to adapt our processes to keep several steps ahead of fraudsters, and we maintain an attitude of probing skepticism. But sometimes we get hooked, as in the Dreier case.”

An October 2008 article reveals that The third-largest campaign donor for Sen. Mitch McConnell, R-Ky., is a $14 billion New York City hedge-fund firm led by a man — nicknamed “the Vulture” — who squeezes distressed companies and countries for their last dollars, and who boasted that the current U.S. economic crisis is “the opportunity of a lifetime.”
Paul E . Singer and his employees at Elliott Management gave $87,500 to McConnell’s campaign as of June 30, according to the non-partisan Center for Responsive Politics. They gave at least $66,000 more to McConnell’s political-action committee, called Bluegrass PAC.

In September 2008, a US court ruled that one of the largest and most experienced holdout funds, Elliott Management, could attach assets from the state-owned Banco de la Nacion as payment for the money it is owed, because the government used the bank so extensively as a policy tool that it was legally an ‘alter ego’ for the sovereign. If Elliott is successful in a similar case involving the Argentine central bank, this could have wider ramifications for the country’s financial policy.

February 2008 Bloomberg Markets article entitled “The Opportunist”

Paul E. Singer, a former corporate lawyer, is “the founding partner of Elliott Associates, a $7 billion hedge fund with a conservative, risk-averse bias that has been in business since 1977, making it one of the oldest funds around. A reserved, private man who would answer questions only via e-mail, Mr. Singer is a self-described conservative libertarian who has given millions of dollars to Republican organizations that emphasize a strong military and support Israel.”

An Internet profile f Mr. Singer reveals he is a board member with the Republican Jewish Coalition, the Jewish Institute for National Security Affairs, and a Trustee at the Manhattan Institute.

November 2007 – But this year Mr. Singer became one of the biggest supporters of Rudolph W. Giuliani’s presidential campaign, making his jet available to Mr. Giuliani, while Mr. Singer and workers at his companies have donated $200,000 to the campaign. And he became the largest individual backer of a California ballot initiative that many Democrats believe could sink their chances of winning the presidency.

A September 2007 article writes, “Remember the latest Republican election scam? The one where they were going to hold a referendum to eliminate winner-take-all in California only, so whichever districts were still voting for Kool-Aid would throw the election to a Republican in the electoral college?* Turns out the winger billionaire who was secretly funding the scam was a Giuliani supporter! LA Times:
A confidant of Republican presidential contender Rudolph W. Giuliani, and one of the candidate’s biggest donors, was the source of a mystery $175,000 donation to a stalled initiative proposal seen as an attempt to help the GOP win a portion of California’s 55 electoral votes.
New York hedge fund billionaire Paul E. Singer issued a statement Friday acknowledging that he gave the six-figure gift, ending speculation over its secrecy and fanning criticism of the Giuliani campaign.”

March 2007 – Among vulture funds, “the biggest is Elliott Associates, a hedge fund based in the U.S. and owned by Paul Singer, a billionaire businessman.”

Elliott Associates is a $9.8 billion New York-based hedge fund founded by Paul Singer. The fund has beaten the S&P 500 for 30 years.
According to Bloomberg, since its launch in 1977, the fund has returned 14.7% a year after fees.

A May 2005 article announces Elliott Advisors opened its Hong Kong office at the start of 2005 and won its licensing to advise on securities and asset management on March 8.

6/2/05 article:

>New York-based hedge fund Elliott Associates has stepped into a court
>battle in Australia, squaring off with the National Australia Bank.
>
>An Elliott Associates subsidiary, Portsmouth Partners, has bought a
>stake in Idoport, which is locked in a legal dispute with the NAB and
>its subsidiary National Markets Group Ltd.
>
>The injection of funds into Sydney-based Idoport has allowed the company
>to initiate fresh legal proceedings against NAB and its subsidiary

July 2003 – Elliott Associates is claiming victory in its legal tussle with Samsung Electronics over converting its preferred stock. It says it has won a decision in a South Korean court that will force Samsung to allow it to swap its 4 million preferred shares into common stock.

In May 2003 Liverpool Ltd Partnership, a fund manager associated with Elliott asked the SEC to block a proposed merger between Telecom Italia and Olivetti.

Highberry, a distressed debt hedge fund of Elliott’s, lost a battle to liquidate Telecom Group.

Elliott filed a complaint against Samsung Electronics in 2002 over a stock clause.

A November 2001 article reveals that Hedge fund Elliott Associates L.P. paid $11 million in 1996 on the secondary debt market to buy $20 million of Peru’s sovereign debt and then sued for full repayment plus capitalized interest. The US Federal Court of Appeal ruled in its favor and it received $58 million from the impoverished South American country on October 7, a $47 million profit.

April 2001 – New York-based hedge fund Elliott Associates is leading a stockholder revolt that is forcing Telecom Italia chairman Roberto Colaninno to improve his savings share conversion plan. Instead of a straight buyback at a good premium, Colaninno had proposed that savings shareholders convert their shares into ordinaries at a one-for-one rate after paying an additional Eu6.25 ($5.52) per share, or 48 percent of a share’s value. The conversion was designed to raise around Eu10 billion, which Colaninno would then utilize to buy back 10 percent of Telecom Italia ordinary shares at approximately Eu3.88 more than the then-current share price. However, Elliott Associates, which owns approximately Eu50 million worth of savings shares, has decided to fight against the conversion offer until Colaninno agrees to reduce the cash premium to 30 percent.

January 2001 – Elliott Associates L.P.: Metromedia Holders Continue To Gripe: With Its Stock 78% Off Its 52-week High, It’s No Wonder Holders Moan.(management strategy)
Elliott Associates and Westgate International , two holders in John Kluge’s Metromedia International Group Inc. have made new filings betraying further mistrust in, and frustration with, management.

A December 2000 article provides details on the lawsuit Elliott and Westgate filed against Covance Inc. The case involved allegations of securities fraud and violations of the Securities and Exchange Act. The article reveals that the complaint was dismissed in December of 2000, however litigation record indicate there may have been an additional action in April of 2001(See Litigation Summary Above).

March 2000 – About Elliott Associates, L.P.
Elliott Associates, L.P., a New York hedge fund, and its offshore sister fund, Westgate International Limited, represent one of the oldest and most stable hedge fund groups. Elliott was formed in 1977 with $1 million of capital, and Westgate was formed in late 1994 with $80 million of capital. The two funds now have more than $1 billion of capital

In 1998 Elliott led a shareholder revolt to replace Dayton Mining Corp’s board of directors with its own, handpicked members.

In 1996 Elliott Associates paid $11 million on the secondary debt market for $20 million worth of Peru’s sovereign debt. The company later sued Peru for repayment plus interest. The US Court of Appeals handed down a judgment of $58 million in favor of Elliott. A Latin American campaign denounced Elliott for picking the bones of the Peruvian economy.

Media research reveals that Westgate, Hambledon, Martley, Braxton, Manchester, & Stonington are all subsidiaries, affiliates, or prior names, of the greater Elliot Group. Other records indicate address, contact information, and the presence of John Elliott Singer is common to all these companies.

Loeb, Daniel Seth of Third Point Management Company, LLC

Daniel Seth Loeb of Third Point Management Company, LLC

Loeb, Daniel Seth

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Guru Focus Profile of Third Point 2013 Stock Picks

Insider Monkey Profile of Third Point 2012 Stock Picks

Media Releases

May 2014 New York Post article entitled “Loeb’s Sotheby deal no easy victory”

May 2014 New York Times Dealbook article entitled “Sotheby’s to Reimburse Loeb $10 Million”

April 2014 Business Insider article entitled “DAN LOEB: Be Prepared To Buckle Your Seatbelt”

April 2014 Business Insider article entitled “Judge Rejects Dan Loeb’s Bid To Overturn Sotheby’s Poison Pill”

April 2014 New York Post article entitled “Loeb seeks to delay Sotheby’s meeting in fight with board”

April 2014 Reuters article entitled “Loeb sees 2014 as an opportunity but warns of volatility”

April 2014 Reuters article entitled “SEC probing hedge funds’ bets on Herbalife”

April 2014 Hedge Fund Oracle post entitled “Forbes’ 20 Highest-earning Hedge Fund Managers and Traders” in which Mr. Loeb is ranked #12

April 2014 Reuters article entitled “Hedge fund manager Loeb says Sotheby’s attacks on him are ‘false’”

April 2014 Fox News video entitled “Sotheby’s fights back against Loeb in proxy battle”

April 2014 Reuters article entitled “Loeb urges Sotheby’s shareholders to back his slate”

March 2014 Reuters article entitled “Third Point sues Sotheby’s over poison pill”

March 2014 Reuters article entitled “Hedge fund manager Dan Loeb scores 4.4 percent gain in February”

February 2014 New York Post article entitled “Loeb: Spirituality is good for Wall Street”

February 2014 Institutional Investors Alpha article entitled “The Morning Brief: Third Point, Dow Chemical Fight Ramps Up”

February 2014 Reuters article entitled “Loeb’s hedge fund Third Point blasts Dow Chemical ‘lack of transparency’”

January 2014 Reuters article entitled “Loeb’s hedge fund Third Point to lose Rhode Island as client”

January 2014 Bloomberg article entitled “Third Point Takes Dow Stake, Calls to Spin Off Unit”

November 2013 Bloomberg article entitled “Third Point Invests in Turkey’s Biggest Real Estate Company”

August 2013 Haute Living article entitled “Haute 100 LA Update: George Clooney Slams Hedge Fund Billionaire Daniel Loeb Over Sony Criticism”

August 2013 Bloomberg article entitled “Loeb Poised for IPO as Einhorn Dump-Truck Bet Shows Insurer Risk”

July 2013 Forbes article entitled “Billionaire Dan Loeb Sells Most Of His Yahoo Stock, Makes $1 Billion”

May 2013 The Telegraph article entitled “Sony mulls break up after Dan Loeb pressure” (requires subscription)

May 2013 The Guardian article entitled “Hedge fund boss launches bold plan to break up Sony”

April 2013 Forbes article entitled “Hedge Fund Giant Daniel Loeb Beats the Market with Yahoo, and Cheniere Energy”

March 29, 2013 Reuters article entitled “Loeb’s Third Point outperforms hedge fund rivals again”

January 2013 Bloomberg article entitled “Morgan Stanley Shares May Double, Loeb’s Third Point Says”

January 2013 NY Times Dealbook story entitled “Just Business: 2 Hedge Fund Rivals Clash Over Herbalife”

January 2013 Bloomberg article entitled “Herbalife in Investor Meeting Says Ackman Pyramid Case Wrong”

October 2012 NY Times Dealbook post entitled “Third Point Wins (Set to the Beat of ’90s Hip-Hop)”

May 2012 NY Times Dealbook story entitled “Activist Investor Charts Plan to Revitalize Yahoo”

New York Magazine article entitled “Get Richest Quickest”

December 2011 Businesswire article entitled “Third Point LLC and Daniel S. Loeb Dismissed from Fairfax Lawsuit”

2011 Seeking Alpha article entitled “A Long List of Dan Loeb’s Stock Picks”

2011 Business Insider article entitled “The Hottest Hedge Fund Wives On Wall Street”

An April 2009 article stated that at January 1, 2009, Third Point, LLC managed over $2.3 billion in assets. Since incepted in 1996, Daniel Loeb’s Third Point Offshore Fund, Ltd gained an annualized average of 16% until March 2009. The fund returned -17.2% net of fees and expenses in the fourth quarter of 2008 and returned -32.6% for the year ending December 31, 2008.

In March 2009 it was reported that Mr. Loeb was giving up on San Antonio producer TXCO Resources. He sold his 2.75 million shares for between 26 cents and 29 cents/share, according to a filing with the Securities and Exchange Commission. He had paid $34.5 million, or an average of 12.50/share. Loeb took an 8% stake in TXCO in November 2007 and asked for seats on the company’s board, complaining that management lacked the expertise it needed to convert its gas and oil reserves into production.

In February 2009 it was reported that the SEC was examining the situation involving insurer Fairfax Financial Holdings Ltd, and allegations that that several hedge funds conspired to drive down its stock price by using advance notice of an analyst’s negative report about the company. Fairfax Financial, a Canadian property and casualty insurer, brought the allegations in a lawsuit filed in July 2006 in state court in New Jersey. Documents submitted in the ongoing case indicate that executives of the hedge funds discussed the upcoming report of the analyst, John Gwynn of Morgan Keegan Inc. The hedge funds (SAC Capital Advisors, Third Point LLC and Kynikos Associates) used knowledge of Gwynn’s report before its public release to bet against Fairfax Financial’s stock by short-selling it, the insurer alleges.

In October 2008 it was reported that Daniel Loeb’s Third Point Offshore fell 6.6% in September and was down 13.8% year to date.

A September 2007 article announces that a group of prominent American hedge funds have failed to get a $6-billion lawsuit against them by Prem Watsa’s Fairfax Financial thrown out of NJ court. Fairfax alleges the hedge funds were engaged in racketeering and hired a man named Spyro Contogouris to ‘beat up’ its stock as a way of profiting from short selling its shares. The money firms, among them SAC Capital, Exis Capital, Third Point, Sigma Capital and Rocker Partners, deny using any dirty tricks and allege Mr. Watsa’s company sued them in order to silence its critics and deter investors from shorting its stock.

In July 2008 Third Point Management informed investors that the Securities and Exchange Commission had commenced a formal investigation into its communications with other hedge funds. Loeb told investors that the communications were uncovered during the course of a routine audit last year after Third Point became a registered investment adviser. “During the course of the audit, the examination staff noted that we regularly communicate with portfolio managers at other hedge funds about investment and trading ideas,” wrote Loeb. “The SEC later informed us that it had commenced a formal investigation of Third Point primarily relating to these types of communications.” Loeb reportedly told colleagues and investors that he sees the SEC investigation as “a badge of honor.”

In July 2008 Third Point, LLC disclosed that it has bought 6.8 percent of Phoenix’s stock and wants the board to hold CEO Dona D. Young “accountable for the company’s underperformance and seek new leadership.”

In July 2008 Third Point LLC said a third party made a $20 per share offer for real estate investment trust Maguire Properties Inc. but later withdrew the offer.

In May 2008 Third Point LLC accumulated a stake of more than 5 million shares in Yahoo Inc. and is supporting investor Carl Icahn’s proxy battle.

In March 2008 TXCO Resources Inc. and Third Point LLC announced that they have reached a settlement agreement in a lawsuit pending in the Delaware Court of Chancery and a related proxy contest in which Third Point sought to seat three directors on TXCO’ s Board of Directors. As part of the settlement, TXCO has agreed to appoint two of Third Point’ s director nominees – Jacob Roorda and Anthony Tripodo – to the Company’ s Board, effective immediately.

In February 2008 it was reported that Daniel Loeb had purchased a 10,000-square-foot apartment in newly renovated 15 Central Park West for $45.8 million.

In 2007 Third Point criticized the management of PDL BioPharma Inc. Chairman L. Patrick Gage and then-Chief Executive Officer Mark McDade for its $489 million purchase of ESP Pharma Inc.

A September 2007 article reveals that Third Point was down 8.3 percent last month, leaving it up 6.8 per cent for the year.

A July 2007 article reveals that Third Point has postponed its initial public offering in London because of investor fears about hedge fund excess and stock market volatility precipitated by the Bear Stearns’ and sub prime debacle.

A June 2007 article announces that Daniel Loeb’s Third Point Capital is planning an initial public offering of its fund, Third Point Offshore Investors Ltd, on the London Stock Exchange. The goal is to raise €500 million euros ($665 million). It will offer stock in euros, dollars and sterling.

A June 2007 article announces that Daniel Loeb resigned from the board at Massey Energy.

A March 2007 article describes the allegations that several hedge fund managers, including SAC founder Steven Cohen, had successfully brought down Fairfax’s share price to make hundreds of millions of dollars buying cheap stock. All the defendants, including Cohen, denied wrongdoing.

A January 2007 article reveals that by May of 2006 Third Point LLC, Daniel Loeb’s vehicle, had acquired 1.5 million shares of Zoltek Companies Inc. Zoltek has recently been the subject of a lawsuit brought by Structural Polymer Group Ltd., which alleged a breach of contract and was recently awarded a $36 million dollar verdict in November of 2006. Zoltek has filed an appeal.

January 2007 company profiles of Massey Energy Company and Ligland Pharmaceuticals Inc. list Daniel S. Loeb as director.

Media from January of 2007 was found commenting on Daniel Loeb’s lifestyle. An article documenting his recent purchase of a $45 million luxury apartment was found as well as an article including him among several managers who have seen their art collections expand recently.

A December 2006 article writes, “ Daniel Loeb is as famous for his razor-sharp skills as a hedge-fund manager overseeing $3.5 billion in assets as he is for his vicious attacks on fellow financial whizzes – but his blowhard behavior may be fading as quickly as day traders in the dotcom era.” The article speculates that Mr. Loeb is trying to “remake himself as a kinder, gentler money man.”

In December of 2006 Mr. Loeb, through Third Point LLC, bought 350,000 shares of Ligland Pharmaceuticals Inc. bringing Third Points holdings in the company to 9.8% of the outstanding shares or 7.73 million shares. Several media articles name Third Point as Ligland’s largest shareholder.

In December of 2006 Third Point CEO Daniel Loeb criticized Pogo Producing Co. acquisition of Northrock Resources last year for $1.8 billion in cash as “inopportune.” Third Point owns 4 million Pogo shares and options to buy 200,000 more, or 7.2% of its shares outstanding.

In November 2006, Nabi Biopharmaceuticals said Monday it has reached a settlement with New York hedge fund Third Point LLC. The deal calls for Nabi to add two board members, Jason Aryeh and Tim Lynch. Both were nominated by Third Point. Third Point wanted to remove Chief Executive Tom McLain from Nabi Biopharmaceuticals.

In October 2006, Napi Pharmaceuticals agreed to sell one of its two biggest products for $65 million cash and as much as $85 million more in payments and royalties. Daniel Loeb has called for McLain’s removal from the board and possibly others too.

Massey Energy Co., who is under pressure from shareholders who want the coal producer to put itself up for sale or undertake a large stock buyback, hired investment bank Goldman Sachs to review ways to increase shareholder value in October 2006.

In September 2006, Third Point filed with the SEC demanding the right to inspect certain books and records of Nabi Pharmaceuticals.

In August 2006, AEP Industries Inc. (AEPI) and Third Point LLC have entered into an agreement whereby the Company will repurchase 850,000 of its common shares from investment funds affiliated with Third Point in a privately negotiated transaction at $36 per share for a total purchase price of $30.6 million.

In July 2006, Canadian insurer Fairfax Financial Holdings filed a lawsuit in New Jersey court seeking $5 billion from a group of hedge funds, alleging that they pushed its stock down by spreading false rumors and misleading research about its finances in a “massive and fraudulent disinformation campaign.” The defendants include SAC Capital Management, Steven Cohen, Exis Capital, Andrew Heller, Third Point Partners, Daniel Loeb, Rocker Partners, David Rocker, Lone Pine Capital, Trinity Capital and other hedge funds as well as John Gwynn, a Morgan Keegan analyst.

In April 2006, The New York-based investment company, Third Point, and its affiliates want representation on Massey’s board because they believe the Richmond, Va.-based coal company “has not performed well and has lost sight of the concerns and interests of stockholders generally,” Third Point said in its filing.

Massey Energy Inc. took the unusual step of speaking directly to shareholders to rebuff an effort to replace two of its directors. Don Blankenship said, “Our board has nominated three independent and highly qualified individuals,” he said. Blankenship said that voting for the three would enable Massey to stick to a path that will bring long-term growth, profitability and financial strength.

Hedge-fund manager Daniel Loeb in September (2005) sent an angry open letter to Citadel CEO and founder Ken Griffin. Loeb told Griffin not to try to lure away the employees of his Third Point hedge fund or his “friends in the event-driven space,” and added that he would consider such headhunting an “act of war.”

In 2005 Jim Kelly joined Third Point as president and COO. As of September 2005, Third Point had $4 billion in assets.

Daniel Loeb and Margaret Munzer, who were married July 2004, put up their Bank Street property on the market for $18.95 million in April 2005.

Ligand Pharmaceuticals Inc. and Third Point reached an agreement and Ligand expanded its board to include Daniel Loeb, Jeffrey Perry and Brigette Roberts, M.D.

In July 2004 Third Point Management hired Jeffrey Trongone as chief operating officer. Trongone had been chief financial officer/managing director of JP Morgan’s asset management business as well as chief financial officer, chief operating officer and managing director at Chancellor Capital Management. The article that mentioned this put Third Point’s assets at $1.3 billion.

Daniel Loeb has been known to be very vocal about the companies is involved in, and has penned a number of letters to these institutions suggesting certain courses of action. Among these companies are BindView Development Corp, Horizon Natural Resources, Intercept, Potlatch, Penn Virginia and Salton, Inc.

An in-depth article on Loeb appears at http://newyorkmetro.com/nymetro/news/bizfinance/finance/features/10426/index1.html. He speaks on a number of things from his lifestyle and his office decorations to his business practices. It says, among other things, that, “Loeb is well known in Hedgeworld for his attacks on what he views as greedy execs who also happen to be depressing shareholder value”, “Hedge-fund guys love to read Loeb’s attacks”, and “Loeb once increased his holdings, at a cost of more than $4 million, just so he could file a letter.”

More detail into the Chronimed, Inc. securities litigation was found. Securities fraud class action, filed on behalf of all purchasers of Chronimed, Inc. securities between October 27, 1999 and June 13, 2001, alleges that Chronimed falsified its reported financial results during the class period by intentionally or recklessly double-booking certain transactions, resulting in an overstatement of its revenue, earnings, and accounts receivable. On March 11, 2004, a settlement of $2.2 million was reached.

Details into Youlia Miteva’s case against Third Point and Loeb were also found. Youlia says she was denied $1 million in wages when she was fired in December 2002. She claims that she and other employees had been mistreated by the fund’s managing member, Daniel S. Loeb, since the fall of 2001, when Loeb’s behavior became “particularly abusive and erratic.” Miteva, a Bulgarian citizen, says Loeb fired her in a “brazenly unlawful manner” because he thought she wouldn’t assert her contractual rights “for fear of upsetting the immigration process.”

In April 2000 Hitsgalore.com dismissed their libel case. The company had claimed that five anonymous authors allegedly wrote disparaging postings about the company on the Raging Bull message board. Daniel Loeb (as “Mr. Pink”) was one of the five reportedly identified.

Daniel Loeb is allegedly an Internet message board poster that goes by the moniker “Mr. Pink.” A 1998 Wall Street Journal article stated that, in a heated message battle between Mr. Pink and Florida stockbroker Alan Davidson, Mr. Pink posted Davidson’s full name and address. Alan had been a proponent of Chromatics Color Sciences International Inc, which was losing money. Pink’s post resulted in Davidson receiving a number of obscene phone calls and death threats. The article’s author spoke to Mr. Pink in a phone interview. He asked not to be outted, and “expressed no regrets about disclosing Mr. Davidson’s identity.”

Third Point Management was founded by Daniel S. Loeb in 1995. They oversee a family of investment funds focused on public and private growth and special situation investments. Following the sale of Radia Communications to Texas Instruments in August 2003, Third Point Management has gone on to fund additional investments in the wireless and wireline semiconductor and infrastructure markets.

Loeb and Third Point, who own interests in Penn Virginia, called for a sale of the company’s oil and gas assets. At one point he has also called for CEO A. James Dearlove to resign because he has allegedly “surrounded himself with an ineffective board of directors and performed badly on corporate governance issues.”

In a letter to Potlatch Corp, Loeb referred to chief executive officer L. Pendleton Siegel as “Chief Value Destroyer”

Loeb’s letter to Horizon Natural Resources and Wilbur L. Ross objected to Ross and the other members of the ad hoc committee choosing to receive a $3.75 million fee in significantly undervalued equity, rather than in cash, which is called for in the plan of reorganization. Third Point was one of Horizon’s largest creditors.

Third Point Management owns holdings in Salton. Loeb opposed any restructuring involving dilution to Salton’s shareholders through issuance of equity, a convertible debt offering or an exchange of equity for debt to current bondholders.

Third Point owns holdings in InterCept, Inc. Loeb’s June 2004 letter to Intercept CEO John Collins stated, “We have grave doubts about your managerial skill, fitness to run a public company and business judgment.” Apparently Collins depicted Third Point as a “sleazy hedge fund” in the June 12, 2004 Atlanta Journal-Constitution, which Loeb called “baseless and possibly libelous.” Mr. Loeb went on to viciously criticize Intercept:

“For someone who acquired iBill, a purported “merchant processing business” whose real activity is primarily to provide billing services to hard core pornographic websites, your credibility as moral arbiter is not strong. Perhaps from your vantage point in the porno industry, you find it unsavory that I support a children’s cancer hospital (Tomorrow’s Children’s Fund), education for disadvantaged youth (Prep for Prep), women’s rights in third world countries (Equality Now) and numerous other charities. Maybe it is the fact that, since inception, my business has generated over $600 million in profits and provided numerous jobs, which you find offensive.

In any event, calling your second largest shareholder “sleazy” in the media is further evidence of your poor judgment and exemplifies the type of behavior that should provide you with ample opportunity to join your son-in-law on the golf course in the not too distant future.”

The last line in this letter may refer to a portion of the New York Metro article that stated, “He [Loeb] learned that one company leased a private jet from a firm controlled by the CEO, and that the CEO’s son-in-law was on the payroll and, as Loeb’s Investigation further determined, on the golf course during the workday.”

An article describing InterCept’s acquisition of iBill was found. They bought the Internet Billing Company for $104 million in March 2002. They act as the gateway between pornographic websites and banks that process credit card payments. Collins claimed that the amount of iBill’s business that derived from adult entertainment was 5% to 10%. Further research showed that in fact it was closer to 85%. Third Point and JANA Partners are two of the hedge funds that attacked InterCept for the move. The company sold iBill in March 2004, but still faced a $4.2 million charge for allegedly covering up its involvement in pornography.

Falcone, Philip Alan of Harbert Management Corporation

Philip Alan Falcone of Harbert Management Corporation

Philip Alan Falcone

Media Releases

July 2014 FIN Alternatives article entitled “Harbinger To Get 12.5% Of LightSquared Under New Bankruptcy Plan”

June 2014 Hedgeweek article entitled “Harbinger Group offers to acquire Central Garden & Pet Company”

March 2014 Bloomberg article entitled “Harbinger’s Falcone Wasted Assets, Investor Says in Suit”

October 2013 CNBC video/article entitled “The big money behind the Cardinals, Red Sox”

September 2013 Reuters article entitled “Judge OKs SEC’s Falcone settlement with admission of wrongdoing”

August 2013 Bloomberg article entitled “Falcone Agrees to SEC Securities Ban, Admits Wrongdoing”

August 2013 Bloomberg article entitled “Harbinger Sues Deere, Garmin Over GPS Products Spectrum”

May 10, 2013 Bloomberg article entitled “Falcone Agrees to Two-Year Hedge-Fund Ban to Settle SEC Lawsuit”

December 2012 Insider Monkey post entitled “Harbinger plans $650 Million Refinancing”

October 2012 NY Times Dealbreaker articles entitled “Sleep where Phil Falcone hath Slept” & “Phil Falcone will borrow Millions of Dollars from any Gated Investor Fund He Pleases”

August 2012 NY Times Dealbreaker article entitled “Phil Falcone is Turning his Life Around”

August 2012 Business Insider article entitled “Phil Falcone’s Harbinger Capital Had A Killer Summer Thanks To His Bet On His Own Publicly Traded Company

July 2012 Forbes article entitled “Amid SEC Charges, Hedge Fund Manager Phil Falcone Attempts Audacious IPO”

June 2012 Bloomberg article entitled “Falcone Said to Face Lawsuit From Regulators Over Loan”

Wall Street Journal news, articles & biography regarding Phil Falcone

March 2011 NY Times Dealbreaker article entitled “65 Alternative Investment Managers on Forbes Richest Billionaires List”

2011 Business Insider article entitled “The Hottest Hedge Fund Wives On Wall Street”

Wikipedia Profile

Forbes Profile

A March 2009 article reveals that Harbinger Capital Partners, run by Philip Falcone, reportedly proposed lower management and incentive fees if investors agree to have their money tied up for two years rather than one.

March 2009 – Harbinger Capital was first to declare a short position in HSBC following the bank’s record rights issue, after making more than £300m from a similar tactic with HBOS last year. Harbinger had on Monday taken a short position in HSBC shares, worth about £110m. Any gains so far from this trade are likely to be modest, but its head, Philip Falcone, has won big at the races before on such flutters. Harbinger has also taken short positions in Spanish banks, including one for 0.4 per cent of Santander, the owner of Abbey National. Mr. Falcone was one of five hedge fund managers quizzed by US lawmakers last November.

A March 2009 article reveals that “hose who have met Falcone recently say he is undaunted by the current state of resources markets and remains a true believer in the logic of the super-demand cycle.”

A March 2009 article reveals Falcone and Harbinger’s positions in several companies including, Fortescue Metals Group Ltd., Island Sky Australia Ltd., Poseidon Nickel Ltd., and Po Valley Energy Ltd.

A March 2009 article reveals “Philip Falcone of Harbinger Capital Partners, put his money behind a Republican in the form of Rudy Giuliani, who later refunded the donation.”

The managing member of Harbinger Capital Partners LLC is Harbinger Holdings, LLC, which is in turn controlled by Philip A. Falcone.

March 2009 – China’s Sinosteel lifted its holding above 5 per cent to become the third-biggest shareholder. Sinosteel is now third on the register, behind Philip Falcone’s Harbinger Capital on 19.8 per cent and Korean steel giant Posco on 12.3 per cent

February 2009 – Tate & Lyle lost another 200BE, p to 27100BD, p amid increasing signs that investor Philip Falcone of Harbinger, the hedge fund, is looking to sell. There has also been speculation that hedge fund Harbinger Capital, which is run by Philip Falcone, may be forced to sell its large stake in the company following redemptions. The rumors have weighed on the share price in recent months.

A February 2009 article reveals that Philip Falcone has been an outspoken activist investor and has in the past called for management shakeups at The New York Times Co. and Media General, two of its other substantial holdings.

January 2009 – The past few months have been hard on Harbinger Capital Partners and its founder, Philip Falcone. After a good start to the year (it was up more than 40 percent through June), the New York–based hedge fund firm gave up those gains. Falcone’s main fund dropped 17.9 percent in September alone, leaving it down 5.4 percent on the year. Over the summer Falcone lost money going short financials and long energy, a common trade that cost many hedge funds dearly when it reversed in July.

A January 2009 article refers to Philip Falcone as a “and a long-time backer of [mining magnate Andrew Forrest]” The article also reveals Harbinger ahs a 17 per cent stake in Po Valley, which was previously run by Mr. Forrest.

January 2009 – At last, some respite for those poor beleaguered hedge funds from the Financial Services Authority, which says it will drop its ban on short selling financial stocks later this month. The concession can’t come soon enough for some in the sector. Take Philip Falcone of the US hedge fund group Harbinger, below. Publicly excoriated for making pots by selling HBOS short last year, Mr. Falcone’s fortunes have since taken a turn for the worse. So much so, he has now had to put limits on investors’ withdrawals from his biggest fund.

“We are believers in Calpine’s business model and like their long-term prospects,” said Harbinger Capital Partners Senior Managing Director Philip A. Falcone. “We are a committed shareholder and may look to add to our position over time.” Mr. Falcone commenting on the January filing by Calpine Corporation of an amendment to its Form S-3 Registration Statement with the Securities and Exchange Commission as it successfully emerges from bankruptcy.

December 2008 – Harbinger Capital Partners run by Philip Falcone, is restricting redemptions in its $10 billion Harbinger Capital Partners Master Fund to 60 percent to 70 percent of the $3.5 billion requested by investors. The fund is down 23 percent for the year through November, although at the end of June it was up 43 percent for the year, according to Bloomberg. Harbinger will also separate the fund’s private equity holdings, which make up about 15 percent of assets, into a segregated account to avoid selling them at distressed prices.

A an article dated 11.13.2008 writes, “George Soros of Soros Fund Management, John Paulson of Paulson & Co, Ken Griffin of Citadel Capital, James Simon of Renaissance Technologies and Phil Falcone of Harbinger Capital are testifying today at the House Committee on Oversight and Government Reform hearings. They are discussing the role of hedge funds in the financial crisis and whether hedge funds should be regulated.” See attached document for Mr. Falcone’s complete testimony which is also included in the media section below.

Harbinger Capital, the activist New York hedge fund run by Phil Falcone, fell 17.9% in September and is down 5.4% in the first nine months of 2008. This contrasts with a 116% gain in 2007 following a correct strategy against subprime mortgages. According to a letter to investors last month, leverage has been cut. Harbinger managed around $21 billion at the beginning of August.

A September 2008 article reveals that the Forbes list of the 400 Richest Americans includes Philip Falcone at #163, while Trader Monthly listed him at #2 in a list of the highest earning fund managers.

Harbert Management was founded in 1949 by John Harbert. The company began as a construction firm that eventually transitioned into a money management firm. Raymond Harbert, John Harbert’s son, now runs the company. The company was founded after John Harbert won $6,000 in crap game sailing home from WWII. He used the money to buy a concrete mixer and started a construction company. Harbert Management went on to carve out a niche in high-risk enterprises such as buying Tennessee and Kentucky coal in the 1960s and oil stock during the energy crisis.

Possible detrimental information found, however it might be due to the nature of the investment strategy adopted by Mr. Falcone.

An August 18, 2008 article states that Harbinger bought a large stake in Media General and The New York Times Co. earlier in 2008 and negotiated seats on their board of directors by threatening proxy fights. This article addresses recent rumors that Harbinger would try a similar move with Cablevision Systems Corp., in which they hold a minority stake.

An August 17, 2008 article states that Philip Falcone – who reportedly made $1.7 billion in 2007 – paid $49 million in February to purchase Penthouse publisher Bob Giccione’s townhouse at 14 East 67th Street. The residence is five stories with 27 rooms. The article states that Mr. Falcone and his wife’s potbellied pig Pickles has its own room.

A July 25, 2008 article states that Harbinger Capital Partners Funds agreed to provide $500 million of debt financing to SkyTerra Communications, Inc. and Mobile Satellite Ventures, LP.

A July 23, 2008 article states that Harbinger Capital Partners bought the 30th and 31st floors of 450 Park Avenue and will rent the office space for what sources state is close to the building’s asking price of $180 per square foot.

A July 2008 article discusses Mr. Falcone’s childhood. He was the youngest of nine, described as a “quiet, inquisitive kid with a sheepish grin”. He was a standout hockey player, nicknamed “the phantom” for “his uncanny ability to cruise – untouched – legs barely pumping, past defenders”. His father walked out on the family, leaving Mr. Falcone’s mother to raise nine children on an 80-cent-an-hour job at a shirt factory. Mr. Falcone’s hockey skills brought him to Harvard University, where he played center on the varsity hockey team. He later played professional hockey in Sweden for a year until his sports career ended due to a thigh injury. In 1990 Mr. Falcone teamed with a friend from Harvard to acquire AAB Manufacturing, which turned out to be a huge failure, resulting in Mr. Falcone’s bank accounts being frozen and the lights in his apartment shut off. This article also states that his 27-room mansion features an indoor pool, solarium and theater. He also owns a minority stake in the NHL team Minnesota Wild. Despite all of his success, Mr. Falcone insists that money does not define who he is.

A June 2008 article reveals that Philip Falcone’s Harbinger Capital Partners has taken a sizable 3.29% short position, worth an estimated $670 million in HBOS, the UK’s biggest mortgage lender.

A May 2008 BusinessWeek article dubbed Philip Falcone the “Midas of Misery” for his success in “snapping up troubled assets in bankruptcy, shorting distressed bonds, and using huge stock positions to agitate for change at under performing companies”.

An April 2008 article states that Philip Falcone tied James Simons (of Renaissance Technologies Corp.) as the second-highest paid trader on Wall Street. Henry Paulson ranked first.

A March 2008 article states that the “Manhattan mansion where soft porn publisher Bob Guccione used to cavort with his Penthouse Pets has been sold to hedge fund supremo Philip Falcone”. The article states that the property features a “massive, shimmering Roman-style pool”, along with a wine cellar, garden with greenhouse, ballroom, 11 bathrooms and four bedroom suites, including a massive master bedroom covering an entire floor.

In a January 2008 article, Mr. Falcone denies that Harbinger Capital Partners’ plan to nominate its own members to Media General Inc.’s board of directors “was neither hostile nor ill-advised as characterized”. Mr. Falcone made these remarks in a letter sent to Marshall N. Morton, Media General’s president and chief executive. The letter was also filed with the SEC.

In November of 2007, it was noted that Harbinger Capital Partners would buy Calpine Corp’s bankruptcy claim against Solutia Cor, for $135.5 million. Harbinger was the top bidder at an auction overseen by a US bankruptcy judge in New York.

A September 25, 2007 article states that Harbinger Capital Partners sold a tenth of its GeoEye holdings.

A May 11, 2007 article states that Harbinger Capital Partners was taking a more active approach to DHB Industries.

An April 2007 article states that the Harbert Merger Arbitrage and Event Driven Fund began investing on an in-house fund in December with $25 million from Harbert Management. The fund is run by Neil Kennedy and John Frank.

A March 16, 2007 article states that Harbinger Capital – along with Paulson & Co. and Kensico Capital Management – was one of a few hedge fund managers that made money from the “surge in subprime mortgage defaults”.

In 2006, market watchers reported that Philip Falcone and Raymond Harbert were buying big in Fortescue using Patersons Securities, after a week in which the stock price sagged.

In 2006, Harbinger Capital Partners were attempting to merge two struggling companies that they were heavily invested in. The companies were Salton Inc., and Appilca Inc. Appilca Inc. agreed to be acquired by Harbinger for $6 a share. Harbinger held a stake in Salton.

In 2006, Northwestern Corporation told its largest stockholder, Harbert Distressed Investment Master Fund, “that efforts to communicate with other shareholders to vote in a new board would not trigger a poison pill.” Harbert was taking action because it was “profoundly dissatisfied” with Northwestern’s tactics to rebuff negotiations with Black Hills Corporation on its proposal to merge. Harbert also accused the Northwestern board of “manipulating the corporate machinery to protect its own interests.”

From a Nov. 2005 article: Falcone manages the Harbert Distressed Investment Fund, a $3 billion hedge fund in New York. He started the fund in June 2001. Falcone’s a master rebound investor. He specializes in finding companies that are massively undervalued due to bad press or scandals: issues that don’t really affect the company’s core business. And 2001 was a great market for this type of investing. Since the fund’s inception in June 2001, Falcone has shown investors returns of 101%.

An August 2005 article reiterates the conflict (between Harbert and affiliate Calpine) mentioned in the earlier articles, as Mr. Falcone sums up his view of the situation, commenting, “it is not over yet.”

Two May 2005 articles comment on the disagreement between Harbert and affiliate Calpine, and the accusation of improper use of funds.

An April 2004 article announced that Harbert Management put forward a loan that brought company General Chemical Products, Inc. out of bankruptcy in March of that year.

A July 2002 article mentions that Harbert Capital is a private equity firm managed by Philip Falcone. It says that its assets were up by 14.2% from just the year before. It also mentioned it was planning on launching a convertible arbitrage fund to be managed by Jeff Parket and Mitch Thaw that following fall.

Another July 2002 article comments that Harbert’s primary focus is on turnarounds, restructurings, liquidations, and even driven situations from trading long and short public debt securities.

A link in the media section leads directly to Harbert’s company website, wherein there is a bio and photo of Mr. Falcone.

A media article estimates Philip Falcone’s annual income at between $40-50 million.

A media article boasts of Harbert’s success, saying that their “clients are the beneficiaries of over 50 years of property ownership, development and management experience.” It also says that they have combined assets in excess of $1.4 billion.

http://www.harbert.net/company/about-hmc/ is the company website for Harbert.

http://www.harbert.net/distressed-event-special-situations/investment-team/ is the company website for Harbinger.

Philip Falcone donated $2300 to Friends of Rahm Emanuel in May 2008 and $28,500 to the Democratic Senatorial Campaign Committee in June 2008. In 2007, he donated $4600 to Christopher Dodd, $2300 to Friends of Dick Durbin Committee, $2300 to Citizens for Arlen Specter, $2300 to Rudy Giuliani’s presidential campaign, and $2300 to Team Sununu (Senator John Sununu).

Colberg, Craig Farnham of Rivanna Capital, LLC

Craig Farnham Colberg of Rivanna Capital, LLC

Media Releases

May 2003 – Richmond Society of Financial Analysts offers a panel discussion, “Hedge Funds,” at 4:30 p.m., The Downtown Club, Riverfront Plaza, West Tower, 20th floor. Participants: Tom Hill with New Generation, Craig Colberg with Rivanna Capital, John Davenport with Priority Capital and Chip Whitman with Shockoe Capital.

Craig Colberg started swimming at the age of 7 and showed championship ways soon afterward. In high school, where he was captain of the swim team, Colberg was at 16 ranked #1 in the U.S. in the 15 to 17-year age group in the 55-yard free style. At his undergraduate alma mater, Dartmouth college, he was swim team captain, an All-American, and recipient of Dartmouth’s Glover Award for outstanding contributions to the team.

July 1984 – With the dollar spurting to record highs against most of the world’s major currencies, Americans overseas are enjoying a salary windfall: In many Western countries, housing, food and travel are, at the moment, substantially cheaper than at home. But the dollar can trade both ways. “It’s great living at $1.32″ to the pound, said Craig Colberg , an institutional stockbroker for Goldman Sachs International who has lived in London for five years, “but I was here at $2.46 and it was no fun then. Housing then was astronomical compared to New York.”

Linsley, David of Cross Asset Management, Ltd.

David Linsley of Cross Asset Management, Ltd.

Media Releases

David Linsley founded Cross Asset with Roddy Campbell in 1998. Located in London, the firm manages arbitrage and event-driven strategies in corporate equity and credit markets, specializing in Europe.

David is quoted in a few investment articles as the director and chief executive of Cross Asset. In one July 2003 article, he criticised funds of hedge funds, claiming many have a poor understanding of the products.

Campbell, Roderick Hugo of RAB Capital, PLC

Roderick Hugo Campbell of RAB Capital, PLC

Campbell, Roderick Hugo

Media Releases

Roddy Campbell is set to speak at the 2009 Hedge Funds World Middle East 2009 conference held in Dubai on March 10-12.

Mr. Campbell served as one of four strategists at the HFR Industry Summit: Mid-Year 2008.

According to a “genealogical survey of the peerage of Britain as well as the royal families of Europe”, Roderick Hugo Campbell, son of Hon. Neil Donald Campbell and Angela Louise Vereker Cross, married Sophie Louise Hicks, daughter of Richard Hicks, in 1988. The couple has three children: Arthur Frederick Campbell, born in 1988; Edie Blanche Campbell, born in 1990; and Olympia Louise Kathleen Campbell, born in 1995. This family profile states that Mr. Campbell was educated at Eton College. According to a June 1996 Vogue article, Sophie Hicks is an architect, having formerly worked as a fashion editor. She runs S.H. Architects Ltd. in London. Pictures of the couple and their children can be viewed at http://www.sophiehicks.com/press/vogue/vogue_01.htm.
Roddy Campbell served as a speaker at the 4th Annual Global Absolute Return Congress held in Boston (USA) in October 2006.

An April 2006 company announcement stated that Roderick Campbell resigned as a director of Cross Europe Fund Ltd. effective February 17, 2006.

A June 2005 article announced that RAB Capital agreed to acquire Cross Asset Management. Roddy Campbell received 6.7 million pounds in the deal, and his partner David Linsley received 2.4 million pounds. The article describes Mr. Campbell as “one of the best event-driven managers in the business”.

A June 2005 article quotes Mr. Campbell, saying that there is a “general weirdness” surrounding the company Regal Petroleum.

A May 2005 article quotes Mr. Campbell regarding the fact that “hedge funds have made only one vaguely hostile move in Germany, which was at the Deutsche Borse.”

An April 2005 article lists Roddy Campbell as a speaker at the EuroHedge Summit that was held in Paris.

An April 2005 article says that Roddy Campbell, while at a fundraising event, schmoozed with celebrities like Elle McPherson, among others.

An August 2004 article quotes Roderick Campbell regarding the use of the “black box” system, which produces data from which market trends are predicted.

A February 2003 article states that the Cross Credit Fund was set to launch in March 2003, with an aim to initially raise $50 million and close at $200 million.
Roddy Campbell founded Cross Asset with David Linsley in 1998. Located in London, the firm managed arbitrage and event-driven strategies in corporate equity and credit markets, specializing in Europe.

Roderick Campbell is quoted in a number of investment and equity articles as the manager of Cross Asset.

Roddy Campbell wrote a chapter in the book Evaluating and Implementing Hedge Fund Strategies: The Experience of Managers and Investors, 3rd edition. He has also spoken at a number of conferences and been on several panels.

Roddy Campbell ran Iliad Partners, one of Europe’s first hedge funds in the 1980s.

Bauer, Jon R. of Contrarian Capital Management, LLC

Jon R. Bauer of Contrarian Capital Management, LLC

Media Releases

Jon Bauer is listed as a director of Harvard Industries. Contrarian Capital Management is a 32% shareholder with the company. Jon has been a founding partner there since 1995 and became a director at Harvard in 1998.

Jon left Oppenheimer in 1995 to form Contrarian.

Jon Bauer and Mike Singer of Argo Partners were instrumental in forming the Trade Claim Buyers Association.

September 2003 – Contrarian has brought on board Steven Czech, who headed up Credit Suisse First Boston’s mezzanine finance group, said managing partner Jon Bauer, in a statement. Czech will be responsible for building the direct lending business, which is targeting 12-18% annual returns.

Jon is quoted in several investment articles.

Jon Bauer is on the Board of Directors for Oxford Automotive Aps.

Contrarian Capital Management publicly called for the sale of Integrated Alarm Services Group Inc.

Contrarian Capital Management became the biggest investor in the George Foreman Grill in 2005.

In 2006, Contrarian Capital owned 7.1% of International Coal Group’s equity.

In 2006, Contrarian Capital Management owned 13% of Integrated Alarm Services. The company was evaluating strategic alternatives that included selling or merging the company.

Contrarian Capital Management controls 1.9 million of Hollywood Entertainment Corp stock. The company owns the Hollywood Video rental chain. In 2004 Contrarian sent a letter to Hollywood’s board discouraging the proposed management buyout of Blockbuster Video. Hollywood Entertainment Corp. was instead acquired by Movie Gallery Inc., with Contrarian profiting roughly $25 million from the sale. Due to the high amount of debt (from Hollywood Entertainment) acquired by Movie Gallery Inc. in this deal, Movie Gallery was forced to file for bankruptcy in October of 2007.

Contrarian Capital Management and Atticus Capital LLC were the ad hoc committee for non-insider equity holders of Ultimate. They tried to receive some recovery. Ultimate filed Chapter 11 in January 2005 and the non-inside equity holders were wiped out.

Contrarian Capital is an institutional holder in Terra Industries Inc, PMA Capital Corp, Rite Aid Corporation, Arch Wireless, Huntway Partners LP.

Contrarian has been involved in the bankruptcy proceedings and restructuring of USG Interiors, Inc., Service Merchandise Co, Horizon Natural Resources, Edison Brothers Stores Inc., Metallurg, Inc., and Stuart Entertainment, Inc.

More information was found on the civil case Contrarian and Angelo Gordon filed against Burns Philip in 1999. In June of that year they alleged that they had not used their best endeavors to complete their recapitalisation. The case was dropped after shareholders re-approved a debt reduction scheme. The two companies were owned $60 million and held about 8% of Burns Philip.

Some articles mention Contrarian with regards to investments in distressed securities.

Media reports indicate that Mr. Bauer is a on the Board of Directors of the following companies: International Coal Group, Inc. (former Director, member of Audit Committee and member of Nominating & Corporate Governance Committee); Arpeggio Acquisition Corp. (former Director), Harvard Industries Inc. (Director) and Rhapsody Acquisition Corp. (Director).

Majors, William Franklin (goes by Frank) of Nephila Capital, Ltd.

William Franklin (goes by Frank) Majors of Nephila Capital, Ltd.

Media Releases

An article from the Nephila company website provides a bio on Mr. Majors, including prior employment, affiliations, and education information.

An article confirms in grid form that Frank Majors is the managing principal of Nephila Capital, Ltd. It also lists contact info for the company and Mr. Majors.

Within the Nephila Capital website there is also a summary written for the company itself. It mentions the company’s previous name, Willis Asset Management, and well as states their main strategy, which is insurance-linked securities, catastrophe (cat) bonds, insurance swaps, and weather derivatives.

Nephila has been managing funds since April 1998, according to an August 2006 interview with Barney Schauble. Also according to this interview, Nephila has two mainstream funds and a number of other vehicles that are more specialized. The two flagship funds have been in existence since 1998 and 2001.

William F. Majors was mentioned in a May 2001 SEC filing for Willis Group Holdings Ltd.

A September 2003 article says that Frank Majors runs Willis Catastrophe Fund, LP, and that he “uses fine-tuned models to determine exactly how much damage a natural catastrophe even might cause in dollar terms.”

An April 2005 article comments that Frank Majors and Greg Hagood founded Nephila Capital in 1997 as part of insurance broker Willis Group Holdings Ltd.

Another April 2005 article mentions that Nephila Capital, along with companies like CooperNeff of BNP Paribas deal with bonds that cover hurricanes and earthquake risks.

A January 2006 article reported that Nephila has just a dozen employees. It’s named after the genus of a spider that, according to Bermudian folklore, can sense approaching hurricanes.

Among the companies that list Nephila Capital, Ltd as a partner in a February 2006 NYS register of securities offerings are Burnaby Catastrophe Fund LP, Nephila Catastrophe Fund LP, Nephila Catastrophe Fund Ltd, Nimbus Weather Fund LP, Palmetto Catastrophe Fund LP and Triton Fund LP. These businesses are located in Bermuda.

In November 2006 it was reported that Nephila Capital was a big winner on catastrophe bonds, due to the quiet hurricane season.