March 2007

  • Solengo Capital

    Solengo Imbroglio Weekend Updates!

    STATUS: SOLENGO LAWYERS SAY THEY WILL SEEK TEMPORARY RESTRAINING ORDER. We’ll update this post with the latest Solengo Capital news as it breaks. If a court slaps a restraint order against us over the weekend, you’ll read it here first! • Reuters covers the Solengo imbroglio once more: “Solengo hedge fund threatens court action vs […]

    / Mar 30, 2007 at 5:01 PM
  • Write-Offs

    Write-Offs: 03.30.07

    $$$Daniel Gross thinks you should sell Goldman. [Slate] $$$Trading less discerning than MLB. [Hedge Week] $$$Lord Black doesn’t have a care in the world (other than winning this next round of beirut). [NYP] $$$Wallstrip Chat: Michael Covel [WallStrip]

    / Mar 30, 2007 at 4:49 PM
  • Hedge Funds

    Bill Miller’s Sailing Trips Totally Getting Ruined By Poor Performance of Legg Mason Value Fund

    Remember the good old days? When it was all khakis and royal blue ascots? Girls in exotic ports and Spanish brandy? Old Warren Buffett singing “Yo, ho, ho and a bottle of tums”? According to Bloomberg the good times are over: There was little cheer at Baltimore-based Legg Mason when Miller returned from his late-December […]

    / Mar 30, 2007 at 4:39 PM
  • Comments of the Week

    Comments of The Week

    Useful: RE: Hedge Fund To DealBreaker: Please Shut Up! Anonymous: You guys are assholes. really. Just let them move on already. Why do you get pleasure in mocking people who are trying to get on with their lives? Entertaining: RE: The Famed Solengo Brochure Larry: I wish I could put money in this fund.He will […]

    / Mar 30, 2007 at 4:14 PM
  • legal, Solengo Capital

    Solengo Seeks Court Order To Strip DealBreaker Of Brochure

    Lawyers for the hedge fund Solengo Capital say they will seek a court order barring DealBreaker from including its marketing brochure in our reporting. DealBreaker learned that Solengo will seek the order a few minutes ago when a a lawyer from Kobre Kim, which represents Solengo, called our Soho headquarters. Solengo claims, through its lawyers, […]

    / Mar 30, 2007 at 2:31 PM
  • Compensation, Goldman Sachs, Lloyd Blankfein

    Lloyd Blankfein Blows 77% of Last Year’s Bonus On Beach House

    Apparently Lloyd Blankfein wasn’t reading Dealbreaker the day we clearly laid out a bunch of alternative ways for the Masters of the Universe to spend their bonuses, back in January (the acquisition of hornymantee.com, 2 million Jim Cramer bobblehead dolls, an all-access pass to the Andrew Ross Sorkin Pleasure Palace, and so on and so […]

    / Mar 30, 2007 at 1:59 PM
  • Jeffrey Epstein, sex

    Jeffrey Epstein: Still Chasing It

    Radar’s “Fresh Intelligence” reports that the billionaire money manager has been spotted in New York City, up to his old tricks. The threat of jail doesn’t seem to be having much effect on Jeffrey Epstein. Earlier this month, a model ran into the billionaire playboy (and former Radar investor)—who is under felony indictment in Florida […]

    / Mar 30, 2007 at 1:06 PM
  • Banks, Goldman Sachs, JPMorganChase, league tables, Morgan Stanley

    League Table Porn: Goldman Tops US M&A Advisers

    Fewer transactions but bigger numbers in the US mergers and acquisitions market means the battle for league table placement in the quarter just ending was especially hard fought. Goldman Sachswas the top adviser for US mergers, according to the research firm Dealogic, boosted by its role in the huge TXU buyout offer. It was followed […]

    / Mar 30, 2007 at 12:47 PM
  • After Amaranth

    Brian Hunter Not The Only Amaranth Alum Currently Involved In A Legal Fracas

    Earlier this week, we reported that Amaranth had offered it’s investors two options: 1. Agree not to sue us and we’ll get you your money faster OR 2. Don’t agree not to sue us and we’ll take a portion of the money you are owed and use it defending ourselves. Sadly, though, thanks to what […]

    / Mar 30, 2007 at 12:08 PM
  • Blackstone, Blackstone Group, Chrysler, Companies, Daimler-Chrysler

    Chrysler: Blackstone To Strike First?

    Blackstone may submit a bid for the Chrysler group as early as today, the Detroit News reported this morning. As of late last night no bids had been received, the paper said. Earlier reports had indicated that the bids were due on Thursday. Blackstone is said to be working with Centerbridge Partners on a joint […]

    / Mar 30, 2007 at 11:55 AM
  • UBS

    UBS, For One, Welcomes Our Robot Leaders

    The Journal reports that UBS, toeing the party line, has cut 75% of its NYSE floor staff. Twenty three UBSers were notified that as of today, their presence would no longer be necessary (nine brokers, fourteen assistant/clerks). A spokesman for the firm feigned sympathy, noting that this was a “difficult decision” but not something he […]

    / Mar 30, 2007 at 11:31 AM
  • Board of Directors

    Prominent US Grain Company Elects Mysterious Chairman With No Last Name

    We have no doubt that a shareholder lawsuit is in the offing now that news has broken about the elevation on “Uncle” Ben—who presumably got his nickname from all his insider connections to the company on whose board he now sits as chairman. At the very least this calls out for an activist investor inspired […]

    / Mar 30, 2007 at 11:10 AM
  • Solengo Capital

    Solengo Imbroglio: A Plausible Theory

    [Confidentiality: This blogpost is confidential. It discloses proprietary information regarding DealBreaker, its reporting strategies and its future plans. It may not be read by Solengo Capital or any of its representatives or disclosed by any party to Solengo Capital, its representatives, the kids in skeleton costumes from the Kobra Kai dojo or their next of […]

    / Mar 30, 2007 at 10:38 AM
  • Steve Schwarzman

    Blackstone Delving Into Black-Scholes Book-Keeping

    One of the reasons private equity companies have been able to see such tremendous gains over the years is that they have longer time horizons than many investors. A typical investor holds a stock in a publicly traded company for a mere 10 months these days. Despite some headline making quick turnarounds, private equity firms […]

    / Mar 30, 2007 at 9:59 AM
  • Banks, Companies, Enron, JPMorganChase, legal

    Judge Nixes Enron Suit Against JPMorgan Chase

    One of the more creative Enron lawsuits was dismissed by a Manhattan federal judge yesterday. The plaintiffs were shareholders of JPMorgan Chase who said they bought the stock because of the company’s reputation for integrity and financial discipline but had been deceived because JPMorgan Chase was helping Enron, a major client. You can see how […]

    / Mar 30, 2007 at 9:04 AM
  • Opening Bell

    Opening Bell: 3.30.07

    AT&T, Qwest, Verizon win US govt telecom contract (Reuters) Turns out that Qwest CEO Joe Nacchio was right! Qwest did have a monster government contract in the pipeline. Granted, it would’ve been a really, really long wait, since it was just announced yesterday, but it looks like the government can go ahead and drop the […]

    / Mar 30, 2007 at 8:17 AM
  • Write-Offs

    Write-Offs: 03.29.07

    $$$George Gilder Launches New Fund: Are You Kidding Me? [Seeking Alpha] $$$The (Not So Paradoxical) Blackstone Paradox [Going Private] $$$

    / Mar 29, 2007 at 5:56 PM
  • Market Plunge

    Glitch Tuesday, Revisited

    According to the homeless guy asking for change outside our building Brandweek, every time Vanity Fair ad pages hit a record high, the stock market crashes. They’ve come to this conclusion based on a “highly scientific study by Short Takes” (and a bucket of crystal meth). VF’s March 2007 Hollywood edition (“Our Biggest Issue Ever!”) […]

    / Mar 29, 2007 at 5:25 PM
  • Aleksey Vayner, DealBreaker's Birthday

    Thanks for the Memories: Aleksey Vayner!

    Finally we come to the man who needs no introduction, Aleksey Vayner. We discovered Aleksey when his resume reached our desks, and on its second page there was a web address for his personal website. That led to his video resume, which was one of the most amazing things we had ever seen. It had […]

    / Mar 29, 2007 at 4:25 PM
  • admin

    DealBreaker Is On The Money Tonight: The Solengo Imbroglio!

    At 7PM tonight, TV star and sometime Dealbreaker editor John Carney will be on CNBC’s “On The Money” to discuss Solengo Capital, the hedge fund started by the guys who brought you those classics hits, “I thought there’d be more hurricanes this summer” and “6 billion dollars is nothing, it’s a blip.” I won’t be […]

    / Mar 29, 2007 at 4:03 PM
  • DealBreaker's Birthday, Warren Buffett

    Thanks for the Memories: Warren Buffett!

    Warren Buffett is probably the most beloved figure in American finance. He is adored by his shareholders, and the annual statements of his company are read like they came from a burning bush with a better sense of humor. The shareholders meeting in Omaha is Woodstock for the financially conservative. And, as we discovered when […]

    / Mar 29, 2007 at 3:33 PM
  • JPMorganChase

    Guy Taking Home Almost $300 Million Sees No Problem With Executive Compensation

    Barry Diller told the Financial Times yesterday that executive compensation is “no big deal” and that he thinks corporate governance reforms are undermining the competitiveness of US business. “We [Americans] have found ways to take our competitive edge actually mechanically away from us,” Mr. Diller (in all likelihood) snarled. “You have boards now that are […]

    / Mar 29, 2007 at 3:29 PM
  • Solengo Capital

    Solengo’s Lawyers Strike Back: We Still Say Suck It.

    We’re not going to pretend we’re shocked that Solengo Capital didn’t exactly love our response to their request to remove their marketing brochure from their website. We figured sooner or later they’d get a lawyer to write us a letter threatening to revoke our license to practice the internet or something. And we got it. […]

    / Mar 29, 2007 at 3:03 PM
  • News

    Insult Trading at the American Stock Exchange

    [Cross-post from SuperMogul] According to a tip from one of our readers, two men were fined yesterday on the floor of the American Stock Exchange for ‘conduct unbefitting of an exchange member.’ A heated verbal exchange and near melee occurred between a broker from Israel A. Englander and a market-maker from G-Bar Trading. The exchange […]

    / Mar 29, 2007 at 2:26 PM
  • banking culture, real estate, Summer

    Signs of Financial Euphoria: Hamptons Real Estate

    Get ready for the worst summer ever. Apparently the best rentals out on the East End are already gone. The little Gatsbys of the world have hoovered them up with this year’s giant bonuses, according to the New York Sun. “The market is incredible. It’s the best couple months we’ve had, probably since 2003,” a […]

    / Mar 29, 2007 at 2:15 PM
  • M&A

    What I Learned At The M&A Conference: Brickbreaker Makes Even Lawyers Tolerable

    We didn’t send anyone down to the big M&A lawyers confab down in New Orleans, unlike both Deal Journal and DealBook. We’re not really the conference going types, to be honest. Even throwing it in New Orleans isn’t enough to tempt us. But we’re glad to see that it’s going just about how we thought […]

    / Mar 29, 2007 at 1:48 PM
  • News

    Thanks for the Memories: Lucy Gao!

    [We’re celebrating our birthday by bringing you a bit of the “Best of DealBreaker” today. Feel free to email in your nominations to: tips(at)dealbreaker(dot)com. We’re also accepting gifts, preferably of better vintages and in liquid form. But wallet sized folding gifts are always welcome.] We discovered young Lucy Gao the same way a lot of […]

    / Mar 29, 2007 at 1:29 PM
  • Donald Trump

    Donald Trump to ‘Golf Digest': You Just Lost Yourself One 12-month Subscription

    After learning that Trump International Golf Club in West Palm Beach had not made Golf Digest’s list of “America’s 100 Greatest Courses,” The Don told Page Six: Golf Digest is a disgrace to their profession. They should be ashamed of themselves. He then wept into a 3 mm thread-count pillow for remainder of the afternoon, […]

    / Mar 29, 2007 at 1:18 PM

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