Current news for this fund:
Pardus Capital Management - Activist investment firm
Count of distinct funds: 1
It has been reported that Pardus Capital Management has suspended redemptions:
Humorously, Pardus' spokesman spun the redemption suspension as as "good news" for the companies in which Pardus has positions. I guess those companies should be happy to hear that Pardus is having to take evasive maneuvers to ensure they don't run out of capital. You know, maneuvers like liquidating positions.
The WSJ reports that Pardus owns positions in Delta and United Airlines, and has been trying for months to get the two to merge, to no avail. Both positions are down significantly. Pardus is also down big time (about 40%) on French auto parts company Valeo SA, on a 12 million share ($450M) position.
Pardus apparently does not use leverage. No matter. The WSJ further states on the selloff process:
We've seen this dynamic before and we'll see more of it: funds will sell off their winning positions first, to meet redemptions, effectively bailing out the losing ones. This will drag down all securities and assets in all markets.
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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.