That may change though, after their chairs and desks are sold. Continue reading »
FrontPoint
FrontPoint Partners Basically Just A Bunch Of Guys Hanging Around Shooting The Shit Now
By Bess LevinFormer FrontPoint Partners hedge fund manager Dr. Joseph “Chip” Skowron might be preparing to plead guilty, a court filing showed on Tuesday. In the court filing, federal prosecutors from the Manhattan U.S. attorney’s office said they intended to file a criminal information against Skowron, rather than seek a grand jury indictment. Defense attorneys say the move by prosecutors to bypass a grand jury and file an information usually indicates a defendant has either agreed to cooperate with the government, or will plead guilty. If Skowron enters a guilty plea, he will be the 47th person charged by prosecutors to either plead guilty or be convicted on charges arising from in the insider trading investigation. [Reuters]
Eisman will clear out his desk by June 30. Continue reading »
The break-up was announced in October but just made official and according to the hedge fund’s co-CEO’s, they could not be more psyched. “Everyone at FrontPoint is focused on generating investment performance, and we are delighted to be moving forward as an independent entity with Morgan Stanley as our partner,” Dan Waters and Mike Kelly wrote in a letter to investors. The split “allows FrontPoint portfolio managers…to operate more independently” and hopefully means more of Steve Eisman bringing the thunder. [Reuters]
FrontPoint Partners, the home of the delightful Steve “I will shut you down” Eisman, is expected to be hit with $500 million in redemption requests, potentially putting Morgan Stanley’s plans to spin off the hedge fund on ice. Continue reading »
Last Friday, hours after a report in the Wall Street Journal claimed FrontPoint’s Steve Eisman was weighing leaving the firm, Eisman put out a statement saying that by “I want to have more control over my destiny” he simply meant “I am in discussions on a structure which will provide me with greater operational flexibility and control over my own business” and that he and Eisman are two souls, one body “now.” And by now he might literally right now, this second. Next week, month, year is anyone’s guess, with sources saying Eisman “will exit before year-end.” But don’t hang those heads too low, FrontPointers. Steve did throw the firm and its investors this (sad trom)bone. Continue reading »
Steve Eisman To Threaten Proxy Battles Over The Phone From His Perch At FrontPoint For Years To Come
By Bess Levin
Earlier today, it was suggested that Steve Eisman was “weighing” leaving FrontPoint Partners, after he told the Journal, “At this point in my career, I want to have more control over my destiny.” Apparently the speculation was way off base, forcing Steve-o to clarify his statement. Continue reading »
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