Pardus Capital Management LP Halts Investor Redemptions
Warning: mysqli_query(): Empty query in
/home/manuel/public_html/subpage.php on line
8480
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, boolean given in
/home/manuel/public_html/subpage.php on line
8482
Another large, notable hedge fund has halted (temporarily) redemptions from its fund.
Pardus Capital Management manages around $2 billion dollars.
The good news is that the fund doesn't use any leverage, which means that they won't be forced to exit any of their "sizable" positions over a short period of time, incurring even more losses.
The bad news is that the value of some of Pardus' biggest holdings are dropping precipitously in value.
According to the Wall Street Journal, Pardus has a particularly large stake in French car-parts maker Valeo SA. This stock is the largest holding of Pardus Capital Management LP, and it is down over 40% in the past year.
Pardus also owns significant stakes in Delta Air Lines and UAL Corp as it attempts the two companies to consider a merger. The problem, again, is that these two holdings have dropped significantly in recent months. UAUA (UAL Corp.) is trading at a current price of $21.53, which is down sharply from the $40 that it was trading during the early days of February. Delta Air Lines is the same story - the stock was trading around $18 at the beginning of February, and now it is trading at $8.60.
According to the WSJ, Pardus is down 40% from its high-water mark in 2007, which is a crushing loss for a multi-billion dollar hedge fund.
As mentioned, Pardus doesn't utilize any margin in its fund, which is good news for its investors and the companies of which it owns shares. They are halting investor redemptions so that they won't be forced to "bail out" on any of their positions. The fund will apparently slowly sell some of its positions over the next couple of years to satisfy investor redemption requests.
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, boolean given in
/home/manuel/public_html/subpage.php on line
8527
Filed under:
Hedge Fund News |
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14707
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14708
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14709
Warning: mysqli_num_rows() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14711
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14730
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14731
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14732
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14735
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14738
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14739
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14740
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14742
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14762
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14763
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14764
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14767
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14770
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14771
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14772
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14774
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14793
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14794
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14795
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14798
Warning: mysqli_stmt_bind_param() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14801
Warning: mysqli_stmt_execute() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14802
Warning: mysqli_stmt_get_result() expects parameter 1 to be mysqli_stmt, boolean given in
/home/manuel/public_html/subpage.php on line
14803
Warning: mysqli_fetch_row() expects parameter 1 to be mysqli_result, null given in
/home/manuel/public_html/subpage.php on line
14805
