It may have occurred to JAT Capital Management that if L.A.’s second-most popular basketball team is worth $2 billion, than New York’s most popular must be worth eleventy gillion dollars, or at least significantly more than $2 billion. So they’ve bought up a few Madison Square Garden shares to have some “constructive” chats with the Dolans about wrestling some “long-term value” out of the things. Perhaps by selling the Knicks to an ownership group that offers fans a real hope of a championship in their grandchildren’s lifetime.
Of course, the Dolans don’t have to have any chats of any kind with anyone who buys MSG shares, because even if someone were to buy all of the available MSG shares, he or she or it would still only have a 31% voting interest in the company. So Knicks fans will have to hope that Phil Jackson can succeed where Steve Mills and Glen Grunwald and Donnie Walsh and Isaiah Thomas and Scott Layden and Ernie Grunfeld and Dave Checketts and Richard Evans and Jack Krumpe and Mike Burke before him have failed. Read more »
Sure, every interview with the Berkshire Hathaway CEO since the dawn of time has noted his sippage of Cherry Coke (whether he knows it or not), but that may not always be the case. You want to keep him as a customer, you gotta work for it. Read more »
Well, the numbers are finally in for 2012 and it was, relatively speaking, a bloodbath for hedge funds, with more going to their grave or down the drain than in 2010 or 2011. But there were still 235 more hedge funds at the end of the year than at its beginning, because those who have previously shuttered a hedge fund due to their failure to raise/make enough money gave it another go last year. Look for more of the same this year, as fresh-faced and not-so-fresh-faced hedge fund managers hang out a new shingle for a few months, only to find out that investors are only interested in having Ray Dalio manage their money. Read more »
Florida-based BankUnited Financial Corp (huge in the option ARM biz in South FL) is down 83 percent YTD. The Office of Thrift Supervision, it’s hilariously named regulator, may lower its capital rating. The humidity in Miami is unbearable this time of year. All signs point to fail. David Bishop, however, refuses to come out and say it. The Stifel Nicolaus analyst instead downgraded the firm to sell and danced around the whole thing, writing that the “viability of the bank is increasingly fraying…[and while it] may yet be successful in finding private equity capital to forestall additional regulatory sanctions, we believe there is a good enough chance that this will not come to pass.” It’s unclear whether Bishop has a longstanding history of not JUST SAYING IT: YOU WILL FAIL, or if his skittishness is a recent phenomenon having something to do with the bank down the road suing everyone’s favorite woodland creature for having the pair to do just that.
Related: BankAtlantic Sues Bové Stifel cuts BankUnited to sell on capital concerns [Reuters]
Ladenburg analyst Dick Bove released a report this weekend called “Who Is Next” (as in who is the next bank to FAIL) and it is definitely not a crib sheet for your next short ideas, he wink-winks. But…if it was…some names you should maybe think about shorting the everloving shit out of are: