Sat, Feb 24, 2018
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. Art & Motion launches collectible car alternative investment vehicle[more]

    Komfie Manalo, Opalesque Asia: Luxembourg-based Art & Motion has launched a new investment vehicle dedicated to vintage cars and exceptional high-quality vehicles as this collectible market has grown exponentially the turn of the centu

  2. Opalesque Exclusive: Global Sigma captures February's long-vol trade[more]

    Bailey McCann, Opalesque New York for New Managers: Florida-based Global Sigma rode February's volatility to new highs. The firm's AGSF strategy is up +2.8 percent through February 16 and +4.2 percent YTD a

  3. Institutional Investors - Hedge funds regain their appeal for a $57 billion asset manager, Private credit strategies in stratosphere[more]

    Hedge funds regain their appeal for a $57 billion asset manager From Bloomberg.com: With volatility back on the radar, one of the Nordic region's biggest asset managers is considering relying a bit more on hedge funds to help oversee his portfolio. Mikko Mursula, the chief investment off

  4. Investing - All aboard for hedge funds as trade tide lifts shipping, Hedge funds pile into Time Warner in bet on merger success[more]

    All aboard for hedge funds as trade tide lifts shipping From Reuters.com: Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are tran

  5. Investing - Hedge funds turn short on tech just as stock rally takes off, After biggest short, speculators slash bearish US bond bets as supply deluge looms[more]

    Hedge funds turn short on tech just as stock rally takes off From Newsmax.com: A key group of investors has just missed out on the biggest tech-stock rally since 2014. Hedge funds and other large speculators turned net short on Nasdaq 100 Index futures for the first time in 21 months, ac