Tag Archives: parts

UPDATE 3-Third Avenue parts with CEO soon after collapse of junk bond fund -WSJ

The collapse of Third Avenue’s Focused Credit Fund jolted Wall Street and renewed worries about the difficulty of trading securities on the U.S. bond marketplace. New York-primarily based Third Avenue is a relatively modest investment manager with fund assets that totaled $ ten billion at the beginning of the year.

A security guard at Third Avenue’s headquarters said on Sunday that Barse had been let go and was not allowed back in the creating, the Wall Street Journal reported.

A Third Avenue representative declined to comment. Barse did not respond to calls. His function e mail bounced back with the message “undeliverable”.

Third Avenue’s Focused Credit Fund was overwhelmed with heavy losses and surging investor net withdrawals, forcing Barse to abruptly liquidate the fund and block redemptions.

The redemptions and losses more than the previous year cut the size of the Third Avenue Focused Credit Fund to $ 789 million from almost $ three billion. Run by Tom Lapointe, the fund bet on distressed situations, such as the bankruptcy-related claims of Lehman Brothers. In a letter to investors last year, Lapointe, who could not immediately be reached for comment, stated distressed assets in his portfolio had been not necessarily illiquid or hard to trade.

The fund’s collapse is a blow to the reputation of Third Avenue Founder Marty Whitman, regarded the dean of American vulture investing. He hired Barse in 1991 to oversee the firm’s operations so he could spend much more time pursuing his own investment techniques.

Whitman could not be reached for comment.

The blow-up of the Focused Credit Fund was the most significant mutual fund failure considering that the economic crisis. The fund’s collapse shows the dangers of loading up on risky assets that are tough to trade even in excellent instances.

Just before Barse, 53, joined Third Avenue, he worked as a bankruptcy attorney defending the rights of creditors. He had been CEO of Third Avenue because 2003.

Whitman was a leader in a strategy that includes bets on the outcomes of businesses going via bankruptcy and other distressed conditions. The 91-year-old’s book titled “Distress Investing” distills decades of understanding about the ins and outs of bankruptcy restructuring.

In 2002, Affiliated Managers Group Inc purchased a majority equity stake in Third Avenue, with the remaining portion held by a broad group of workers that incorporated Whitman and Barse. Third Avenue, nonetheless, continued to operate autonomously from AMG, which holds stakes in a quantity of boutique asset management firms. AMG could not quickly be reached for comment.

(Reporting by Sam Forgione, Tim McLaughlin and Ross Kerber editing by Grant McCool)

Bridgestone raises offer you for U.S. auto parts retailer Pep Boys

Bridgestone’s new provide gives about $ 28 million in extra money to Pep Boys shareholders, the company mentioned.

The new offer you comes after Pep Boys said on Wednesday that it planned to terminate its deal with Bridgestone as its board deemed Carl Icahn’s supply as a “superior proposal.”

Carl Icahn’s Icahn Enterprises LP had supplied to buy Pep Boys for $ 15.50 per share. (Reporting by Shubhankar Chakravorty in Bengaluru Editing by Sandra Maler)

Boss Monk parts company with Swansea

Swansea City have parted firm with manager Garry Monk right after 1 win in 11 Premier League games.

The 36-year-old had been with the club for more than 11 years, very first as a defender and then manager because February 2014, when he replaced Michael Laudrup.

Saturday’s three- residence defeat by Leicester City was his last game in charge, and left them 15th in the table.

“The decision has been created very reluctantly and with a heavy heart,” chairman Huw Jenkins stated.

He added in a club statement:  “To uncover ourselves in our present situation from exactly where we were in the initial week of September, and taking into consideration the drop of performance levels and run of results more than the final three months, it has brought us to this unfortunate choice.

“We hope to appoint a replacement as quickly as achievable.”

BBC Wales football correspondent Rob Phillips:

“At the end of final season Garry Monk was becoming touted as a potential England manager and on 30 August Swansea have been in the top four following beating Manchester United 2-1. Just 11 games and only one much more win later, Monk is out of a job. It’s an astounding fall from grace but hardly a surprise to any person who saw him cut such a desolate figure as his team lost 3- to Leicester. The manager takes the bullet, but the players’ collective loss of type has been a key factor.”

Monk had guided the Swans to a highest ever best-flight finish of eighth in his 1st complete season.

They started this season in equivalent form, drawing at champions Chelsea on the opening day just before beating Newcastle United and Manchester United at residence in an unbeaten four-match begin.

But Swansea’s type then deteriorated as they lost 4 of their subsequent six games.

An away victory more than Aston Villa at the end of October interrupted the winless run, but the pressure intensified on Monk as his team picked up only one particular point in their next 5 games.

Garry Monk

The 1- loss to Liverpool at Anfield was hailed by Monk as “an exceptional” functionality, but Saturday’s extensive defeat by shock Premier League leaders Leicester resulted in his departure.

Not accomplished lightly

Jenkins said the club had to act provided the team’s loss of form given that August, and in spite of Monk’s outstanding track record.

“Garry took on the job 22 months ago with the backing of every person at the club,” added Jenkins.

“And when you take into account the superb campaign we had final season when we broke all club records in the Premier League, no one foresaw the position we would be in at this moment in time.

“Bearing that in mind and the current uncertainty around the club, we felt the scenario necessary clarity to move forward.

“It was not a selection we took lightly, especially provided Garry’s history and standing within the club.

“And it goes with out saying that we want Garry all the extremely very best for the future and thank him for his tremendous service, not only as a player over the last decade, but also as our manager. He will always have a warm welcome at this football club.”

Last three Swansea managers’ records (all competitions)

Dates

Games

Win %

Garry Monk

Feb 2014 to Dec 2015

77

36.36

Michael Laudrup

June 2012 to Feb 2014

84

34.52

Brendan Rodgers

July 2010 to June 2012

96

44.79