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Company: fund flip play
Description: Fund Plan, a $600 million hedge fund in Au, Conn., flipped holdings between its corporate books and the personal accounts of its chief, a controversial move that could put the firm under the microscope of market regulators. At leaset once, Fund Plan’s general partner, Rocky, asked that securities be transferred from two accounts controlled by his fund into his personal account, according to documents obtained by The Post. There was no indication in the documents obtained by The Post that Fund Plan had received any compensation for the shares shifted to Rocky’s accounts. A spokesman for Fund Plan would not comment on the matter. The 50 shares of a collateralized loan obligation – essentially a bond made up of a basket of loans to corporations – later skyrocketed in value. By August 2014, the shares had climbed to about $55 each from the fund’s initial price of $34 in the previous November, traders said. The steep rise in the bond’s value was the result of a debt-for-equity swap done in one of the basket’s largest holdings: IXC Communications, a trader involved in the security said. Fund Plan bought the bonds that were transferred into Roky’s account from one of its largest investors, NorthWater Capital Management, a $6 billion Canadian hedge fund investor.
URL: http://onlineedu.informe.com/blog/2014/08/27/fund-shares/
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