This content is from: Portfolio

The Morning Brief: Jim Chanos's Legal Troubles; the MFA's New Board

Steve Wynn’s Wynn Resorts has sued short-selling specialist James Chanos for slander for falsely claiming it violated the U.S. Foreign Corrupt Practices Act, according to Bloomberg. The casino operator’s complaint alleges that Chanos, the president and founder of New York-based short-selling firm Kynikos Associates, recently told a private audience that Wynn and chairman Steve Wynn had violated the anti-bribery law, according to the report.

“Wynn and Wynn Resorts have been thoroughly investigated in a public manner on numerous occasions by entities such as the Nevada Gaming Control Board, the Massachusetts Gaming Commission, the Securities and Exchange Commission, and other government agencies,” the company said in the complaint, according to Bloomberg. “At no time has any official agency suggested that there is any reliable evidence that plaintiffs, or either of them, have violated the Foreign Corrupt Practices Act.”

___

Hedge fund advocacy group the Managed Funds Association has announced its latest board of directors, noting that the group will represent the industry in a time of increasingly interconnected financial markets and heightened coordination among global regulatory agencies. The MFA is the industry’s primary lobbying group in Washington, D.C., though it also works to promote the interests of its members in Europe, Asia and elsewhere. Its board oversees these efforts, which include engaging with policy makers and regulators around the world, as well as the group’s education and global outreach initiatives.

The new board includes two institutional investors — Ronald Schmitz, CIO, of the Virginia Retirement System and Kimberly Walker, CIO, Washington University in St. Louis — reflecting the increased participation of these investors in the industry. John Torell IV, managing director and chief financial officer of Tudor Investment Corp., was unanimously re-elected as board chair. David Haley of HBK Capital Management will serve as vice chair; Mikael Johnson of KPMG will serve as treasurer; and Bruce Darringer of King Street Capital Management will serve as secretary. The MFA’s new executive committee includes Torrell, Haley, Darringer, Duncan Ford of Marshall Wace, William Goodell of Maverick Capital, Michael Harris of Campbell & Co., Keith Horn of Elliott Management Corporation and Kimberly Summe of Partner Fund Management.

Here is the full list of MFA board members:

Newly elected directors serving two-year terms on the board:

Timothy Barefield, COO, Pershing Square Capital Management

Putnam Coes III, partner and COO, Paulson & Co.

Anthony DeLuca, CFO, Moore Capital Management

Duncan Ford, partner and COO, Marshall Wace

Christopher Hedberg, managing director, CarVal Investors

Eric Komitee, general counsel, Viking Global Investors

Ajay Nagpal, COO, Millennium Management

Newly appointed directors serving one-year terms on the board:

Michael Greenstein, partner and alternative investments assurance leader, PricewaterhouseCoopers

Leonard Ng, partner, Sidley Austin

Alan Pace, managing director and global head of investor services sales, Citigroup, Citi

Ronald Schmitz, CIO, Virginia Retirement System

Alan Thomas, managing director, Morgan Stanley Prime Brokerage

Kimberly Walker, CIO, Washington University in St. Louis

Directors re-elected to serve two-year terms on the board:

Christopher Greene, managing director and CAO, Tudor Investment Corp.

David Haley, president and managing director, HBK Capital Management

Kimberly Summe, COO and general counsel, Partner Fund Management

Incumbent board members elected in 2013 who will serve through 2015:

Bruce Darringer, member and COO, King Street Capital Management

William Goodell, COO, Maverick Capital

Michael Harris, president, Campbell & Co.

Keith Horn, COO, Elliott Management Corporation

Henry Kenner, CEO, Arrowgrass Capital Partners

Daniel Kochav, partner and COO, Tenor Capital Management Company

Tim Levart, managing member and COO, Davidson Kempner Capital Management

Mark Madden, COO and director, Tyrus Capital S.A.M.

John Torell IV, managing director and chief financial officer, Tudor Investment Corp.

Steven Wagshal, COO, Samlyn Capital

Jeffrey Weber, president and COO, York Capital Management

Incumbent board members re-appointed to another term who will serve through 2015:

Paul Germain, managing director and global head of prime services, Credit Suisse

Teresa Heitsenrether, managing director and global head of prime brokerage, J.P. Morgan

Yie-Hsin Hung, co-president of New York Life Investment Management, New York Life Investments Group

Mikael Johnson, senior lead partner for alternative investments, KPMG

Paul Meister, vice chairman, GCM Grosvenor

Incumbent special advisor to the board:

Paul Roth, partner, Schulte Roth & Zabel

___

Family Dollar Stores said in a regulatory filing that certain state attorneys general are investigating a possible deal between Dollar Tree and Family Dollar for antitrust reasons. In addition, the state attorneys general have also notified Family Dollar that they will be “investigating the competitive effects” of a potential Dollar General-Family Dollar combination. Family Dollar also said the Federal Trade Commission is studying the potential deals in the deep discount retail industry for antitrust reasons. Nelson Peltz’s Trian Fund Management has been the largest shareholder of Family Dollar for several years, while John Paulson’s Paulson & Co. was the second largest shareholder at the end of the second quarter. Other investors include Larry Robbins’s Glenview Capital Management and Kenneth Griffin’s Citadel.

___

A number of high-profile hedge fund firms are celebrating Monday’s announcement that Encana Corporation agreed to pay $5.93 billion for Athlon Energy, sending shares of Athlon up nearly 25 percent. Among the top-ten holders of Athlon as of the end of the second quarter: Chicago-based Citadel, New York-based Millennium Management and Dallas-based Carlson Capital.

___

New York-based Brigade Capital Management disclosed it owns 5.1 percent of MagnaChip Semiconductor Corporation, which describes itself as a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications.

Related Content