Articles Tagged with Hedge Fund

pension-300x200Sears pensioners have requested the Superior Court in Toronto to appoint an investigator to look into the nearly $300 Million shortfall found in the company’s pension fund. They particularly want the investigator to assess the $3 billion in payments made to Sears Canada shareholders.

The former employees are particularly targeting the U.S. hedge fund ESL Investments and have included its CEO Eddie Lampert in the complaints. This CEO has been the head of Sears since 2005 and has received the majority of the $3 billion pay out.

Lampert has said the the shareholder payments were not questionable and that most of the money came from the sale of the company’s valuable real estate holdings. Lampert has claimed that his hedge fund company had significant financial losses after the Sears bankruptcy. He said that the demise of Sears Canada is mostly attributed to a failed restructuring plan that he opposed in 2016. He also believes that the pension shortfall has been overestimated and that the money will eventually be recouped.

Yesterday’s arrest and charges of insider trading by hedge fund employees and managers including Harvard Business School grad Sam Barai and Harvard College grad Noah Freeman, are just the beginning and more arrests are expected shortly based on a statement by Janice Fedarcyk, who heads the New York office of the FBI, that more rrets are coming. Barai, Freeman, Donald Longeuuil and others were charged with insider trading and conspiracy. U.S. Attorney Preet Bharara said that insider trading on Wall Street is rampant. The charges against the traders made yesterday stem from earlier arrests and the cooperation of eight employees or consultants of Primary Global LLC, a Mountain View California based firm that conects investors with employees of public companies who work as consultants. Sam Barai who headed Barai Capital received private information from Primary Global’s Anthony Longoria and Winifred Jiau both of whom were previously charged. “We’re far from finished,” Bharara said yesterday.