This content is from: Portfolio

The Morning Brief: Herb Wagner Leaves Baupost; Paulson's Green Gift

Herb Wagner, who has served as Seth Klarman's co-portfolio manager for the past two years, is leaving the Baupost Group. Klarman does not plan to replace Wagner in the near future.

John Paulson and his Family Foundation are donating $100 million to the Central Park Conservancy. It is said to be the largest parks donation ever.

Elliott International is one among more than 100 shareholders in Demag Cranes who is suing Terex to pay more than the $1.4 billion it shelled out for 82 percent of the German crane maker. It seems that under German takeover law, buyers who acquire more than 75 percent of a company are required to offer remaining shareholders a price based on the company's valuation rather than the original offer price. In May 2011 Terex offer Demag 45.50 euros ($59.47) a share and acquired 82 percent of the stock by September 2011. Terex has offered remaining shareholders 45.52 euros a share, while investors want more than 100 euros a share.

A panel of judges on Thursday will hear Raj Rajaratnam's appeal of his insider trading conviction, which landed him in prison for 11 years. Defense lawyers argue that prosecutors should not have been able to play dozens of FBI wiretaps at the hedge fund manager's trial.

Related Content