The promise of a proxy battle, unless they comply with every one of his demands (e.g. replace four board members with Loeb and three of his friends). Little bit of DL trivia for the Third Point historians among us: with this latest 13-D, Loeb is reclaiming his tradition of notifying adversaries of his intent to wage war on February 14 (previous recipients of similar love letters include Salton Inc, Star Gas Partners, and AEP Industries). Sure he could have waited a day here or there but he’s a true romantic at heart. Even more thoughtful would have been delivering a copy of the filing in person via Barbershop Quartet but perhaps he’ll save that for next year’s lucky lady. [SEC]
Have a great day
Earlier this month, Bank of America announced that it’d be laying off 30,000 employees, as part of a program designed to help the firm make/not lose money called Project New BAC. It’s not that Brian Moynihan et al wanted to let these people go, but thanks to decisions by his predecessors including but not limited to funding Ken Lewis’s Boone’s of the Month Club and paying $4.1 billion to find out what it feels like to be violated by Angelo Mozilo, it’d become more than a little necessary. Lest there be any confusion, the 13 members of BAC’s industrials group who were axed this afternoon did not fall under the “because we have to” but rather the “because we feel like it” category on Bri-Moy’s master spreadsheet. Sayeth Bloomberg: Continue reading »
For the month ended January 31, 2009 Highbridge Long/Short Equity Fund, L.P. posted an estimated net return of -2.48%, bringing its year-to-date net return to -2.48%.
Yours truly,
Highbridge Long/Short Equity Fund, L.P.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
