Punch Taverns

  • david einhorn 16feb12

    Hedge Funds, News

    David Einhorn Said No To A Capital Raise, Kept The Door Open For A Pub Crawl

    Remember how David Einhorn got in trouble in England for insider trading on Punch Taverns stock and he was all “what?” and we were all “what?“? Well, you can judge it for yourself because now the entire disputed call with Punch is available online (at the back of this). So go read it, or read the highlights here. The FSA still thinks it’s insider trading, but the count of people confused by the whole thing is rising, and now includes the Merrill banker on the call. There’s lots of insider traderiness on this side of the pond today too so we should talk about that in a bit.

    For now, though, two other things. One is quick – no one can resist one part of the call and I can’t either so here it is:

    DAVID EINHORN: Hi, I’m sorry I didn’t get to see you when you were in New York.
    PUNCH CEO: No, no, we — well, we’ve — we’ve only had the chance to speak once, although we have seen [reference to Greenlight Analyst] a few times since then.
    DAVID EINHORN: Oh, you’re — you’re — you’re getting more than — than I could help with anyway. So, this is good.
    PUNCH CEO: Okay. That’s fair enough. Well, one day we’ll get you around on a pub crawl around some English pubs.
    DAVID EINHORN: Oh, that sounds fun.
    PUNCH CEO: It is. You’re right.

    English readers: Is it? I just assumed that Punch Taverns are rather grim places, like TGI Friday’s but with more … punching? … but maybe I’m totally off base here. Also, here is a hypothesis: vice investments do well because, for the same level of profitability, they get more analyst/investor coverage and enthusiasm. Wouldn’t you rather go on a pub crawl instead of like a tour of an auto parts factory in Queens? Would that influence your stock recommendations / money allocations? Someone should do a study.

    / Feb 16, 2012 at 2:14 PM
  • News

    David Einhorn: “I Have Quite A Lot To Say”

    …about all this. For starters: – “This is as much like insider trading as soccer […]

    / Jan 25, 2012 at 4:12 PM
  • Hedge Funds, News

    It May Surprise You To Learn That Reasons For Greenlight’s “Punch” Fine Are Not Entirely Clear To Me Either

    Remember how insider trading is trading on material nonpublic information? Only how it’s not? Apparently […]

    / Jan 25, 2012 at 1:42 PM
  • Hedge Funds

    Greenlight Capital Fined Over ‘Punch’ Trades For Reasons Not Entirely Clearly Clear To Greenlight

    According to the FSA, which imposed the £7.2 million fine for “inadvertently engaging in market […]

    / Jan 25, 2012 at 12:05 PM