press releases

Here a list of things Prince Alwaleed has no problem being associated with:

Those are all fine. None of those things prompt the prince to make an angry late-night call to his PR person, telling him/her to pull up the company letterhead and fire off a missive to the universe clarifying that this man of exquisite taste would not deign to own what we assume he would describe as the “tacky piece of shit” pictured here: Read more »

Hot on the heels of Highland Capital Management founder James Dondero’s gloriously apropos of nothing press release slamming both his soon-to-be-ex-wife and his hated ex-partner comes another strong contender for the coveted DealBreaker Press Release of the Year Award.

Chetan Kapur used to manage a hedge fund. Certain authorities thought he didn’t do such a good job of it, what with investing in the Bayou, Nadel and Grieve Ponzi shcemes, and the defrauding investors by lying to them. The only problem was, they could never quite muster enough evidence to make all of those allegations stick, so after keeping Kapur in jail for a year, they settled for his pleading guilty to failure to keep adequate records and accepting a $5 million fine, and let him go.

Kapur got out of jail in August, and has apparently spent the ensuing three months crafting a gem of a press missive, laying out his side of the story. Far from being in over his head managing a hedge fund, he was great at it—until he and everyone else weren’t anymore. Read more »

James Dondero is the founder and CEO of Highland Capital Management, a Dallas-based hedge fund. In addition to his duties at the firm, a portion of Dondero’s time is currently being spent on two legal matters. One is his divorce from Becky Dondero, who he’s been battling in court for over two years. The second is his lawsuit against former Highland PM Patrick Daugherty, who the firm described as a “megalomaniacal” manager known for engaging in “abusive tirades” that “dehumanized employees.” Perhaps coincidentally, the suit against Daugherty was filed two weeks after he testified on behalf of Becky Dondero, claiming that over drinks, James told him of a plan to “get his net worth down and pay [Becky] as little as possible.” Daughtery also alleged that Dondero asked him to lie on the stand, and to try remember a time when Daughtery regarded Becky as “a whore.”

Anyway, it wouldn’t be too crazy to think that all of this might be slightly distracting to Dondero and occupy at least a small portion of the attention he might otherwise devote to his day job at Highland. Even Jimmy recognizes that it’s a reasonable assumption to make. But, he assures you, it is an incorrect one. Rather, Dondero can expend unlimited energy on both making investors top dollar AND making sure his estranged spouse gets nada while at the same time making his sworn enemy look ridiculous. The reason we know this is that Highland has released a nearly 1,000-word press release saying as much. Read more »

I always feel bad bringing you academic papers because inevitably they’ve been on SSRN for, like, two years, but this one is new to me anyway and good glaven are these charts clever:

So these guys (Kenneth Ahern and Denis Sosyura of Michigan) went and looked at a bunch of stock-for-stock mergers. And they looked at the uptick in news coverage after those mergers were announced – and, far more interestingly, before they were announced but after negotiations had started (which they found out by reading the “Background” in the merger proxy) . Then they divided those mergers into (1) fixed exchange ratio mergers, where the acquirer could minimize the price it paid by pumping up its stock just before signing the merger (because buying a $540mm company for AAPL shares requires 1mm shares now, but would require many more/fewer if AAPL were not so over/underpriced, take your pick), and (2) variable exchange ratio mergers (“we’ll give you $540mm worth of stock based on whatever our stock price at closing” or more complicated versions thereof), where the acquirer could minimize the price it paid by pumping up its stock just before closing the merger. Then they charted where there were more – largely positive, company-driven, press-release-based – articles than usual. And lookit that!

Or if you like, like, words and numbers: Read more »