Thu, Sep 3, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SEC files charges against North Street Capital for Winnebago share fraud

Friday, March 14, 2014

Benedicte Gravrand, Opalesque Geneva:

The U.S. Securities and Exchange Commission yesterday filed settled fraud charges in Connecticut against Alexander H.G. Mascioli and his "alter-ego, purported hedge fund, North Street Capital, LP (NSC)."

Mascioli and NSC, the SEC alleges, made a fraudulent offer in May 2012 to acquire all outstanding shares of Winnebago Industries, Inc.’s (WGO) common stock. Winnebago is a leading U.S. recreation vehicle manufacturer.

Apparently, Mascioli wrote a letter on NSC letterhead, offering WGO to acquire all their outstanding common stock for around $321m in cash. Although there were no assets and no financing agreement to back this up, he said he would be able to complete the transaction within two weeks.

On May 17, having not received a response to the May 9 offer, Mascioli sent a copy of the May 9 letter that he had modified to look like an NSC press release to Bloomberg, which subsequently posted the offer on its website, says the SEC in its announcement.

His offer was made public, and WGO’s stock price and trading volume increased. WGO’s stock closed at $8.51 on 17 May and opened the next day at $9.81 per share, an increase of almost 15%. T......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner