Media: Sheelah Kolhatkar

Media

Sheelah Kolhatkar, a former hedge fund analyst, is a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley, and politics, among other things. She has appeared as a speaker and commentator on business and economics issues at conferences and on broadcast outlets including CNBC, Bloomberg Television, Charlie Rose, PBS NewsHour, WNYC and NPR. Her writing has also appeared in Bloomberg Businessweek, New York, The Atlantic, The New York Times and other publications. She lives in New York City.

She is the author of Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street.

Before becoming a journalist, she spent several years as a risk arbitrage analyst at two hedge funds in New York City. Sheelah holds an undergraduate degree from New York University and a M.A. from Stanford University. She lives in New York.

The New Yorker / Sheelah Kolhatkar

Sheelah Kolhatkar Home Page

Article: Dole Food Had Too Many Shares

Article - Media

Dole Food Had Too Many Shares

Matt Levine

Bloomberg, 17 February 2017

In 2013, tropical-fruit tycoon David Murdock, who was the chairman, chief executive officer and biggest shareholder of Dole Food Co., took it private for $13.50 a share. A lot of shareholders felt that that price was way too low, and that Murdock had sandbagged the shareholders by driving down the value of the company so he could buy it cheaply for himself. So they sued, and they won. In 2015, the Delaware Chancery Court ordered Murdock to pay shareholders another $2.74 a share, plus interest. There was a class action on behalf of shareholders, covering 36,793,758 shares, and after the court ruled in their favor, the class lawyers informed the shareholders and asked them to submit a form to claim their $2.74 a share.

Read full article.

 

Comment: Who sold all the fake shares? Who paid the dividend to shareholders?

Article: Harsh fraud sentencing trend continues – a clear message of deterrence

Article - Media, Publications

Harsh fraud sentencing trend continues – a clear message of deterrence

Louise Bennett, 17 February 2017

Two City traders convicted over £141m banking fraud, LNB News 26/01/2017 150. [Subscription]

Two City traders have been convicted of conspiring to defraud a Russian bank of more than £141m in a series of complex frauds. Georgy Urumov was convicted of two counts of conspiracy to defraud, two counts of conspiracy to commit fraud by false representation and one count of conspiracy to commit money laundering. Vladimir Gersamia was convicted of two counts of conspiracy to defraud and one count of conspiracy to commit money laundering. The pair will be sentenced on 27 January 2017. Continue reading “Article: Harsh fraud sentencing trend continues – a clear message of deterrence”

Web: Fake New Impresario Patrick Byrne Gets Canadian Court Deadline

Web

Fake New Impresario Patrick Byrne Gets Canadian Court Deadline

Gary Weiss

gary-weiss.com, 16 February 2017

Another setback for Overstock.com CEO Patrick Byrne, as he fights the There’s been a victory in the struggle against fake news, and chances are you’ve never heard about it.

I’m referring to a legal battle involving a right-wing financier named Patrick Byrne, CEO of Overstock.com. A few months ago he was trounced in a Canadian court for outlandish lies that he published on his fake news website, “Deep Capture.”

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Article: How billionaire hedge fund titan Steve Cohen walked away from the biggest insider trading scandal in history

Article - Media, Publications

How billionaire hedge fund titan Steve Cohen walked away from the biggest insider trading scandal in history

Graham Flanagan and Rachael Levy , 15 February 2017

In her new book “Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street,” author Sheelah Kolhatkar chronicles the incredible story of the biggest insider trading scandal in history. Continue reading “Article: How billionaire hedge fund titan Steve Cohen walked away from the biggest insider trading scandal in history”

Article: Former SAC Trader on What Steve Cohen Bio ‘Black Edge’ Doesn’t Explore

Article - Media, Publications

Former SAC Trader on What Steve Cohen Bio ‘Black Edge’ Doesn’t Explore

1998-2000 was a rather interesting period in the stock market, thanks to things like the Asian/Latin American currency crises, the collapse of Long Term Capital Management, and “irrational exuberance” in the Nasdaq market, followed immediately by whatever the polar opposite of that is, i.e. the Nasdaq going poof.

It was also a very interesting time to be working four feet from Steven A. Cohen, which is where I sat for two years as a junior trader at his hedge fund, SAC Capital Advisors, in Stamford, Connecticut.

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Article: Meet this maverick short seller whose favourite pastime is exposing ‘bad companies’

Article - Media

Meet this maverick short seller whose favourite pastime is exposing ‘bad companies’

Tom Redmond

The Economic Times, 12 February 2017

The roosters start crowing at 4 am on Alder Lane Farm, about an hour north of San Francisco on the edge of Sonoma wine country. While horses stir in their stables and chickens begin to roam the 20-acre property, one of the world’s most fearsome short sellers puts on his usual attire—shorts and flip-flops—and makes his way in the dark to the room behind his garage. Six pinball machines, a gigantic flatscreen, and a pingpong table compete for attention. If not for the Bloomberg terminal in the corner, you might assume this was your typical man cave.

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Article: Northern Dynasty Minerals (NAK) And The Trump Tales

Article - Media, Publications

Northern Dynasty Minerals (NAK) And The Trump Tales

The Street Sweeper’s Blog, 09 February 2017

Northern Dynasty Minerals (NYSEMKT:NAK) may be using Trump tales to hook investors. The company appears to be allowing distribution of extremely aggressive and possibly misleading news – even suggesting the new administration has “a desire to permit” Northern’s stalled project. These claims appear to be nothing but hype used in an effort to pump up the stock.

And it’s working. The stock darted upward about 75% after a couple of key stories hit in late December and January, spreading misconception about Northern.

Northern wants to mine copper and gold deposits along Alaska’s Bristol Bay watershed which supports the world’s biggest sockeye salmon fishery. But the “Pebble” project has been stalled for three years amid a firestorm of opposition and a lawsuit with regulators. Northern sued the Environmental Protection Agency in 2014 after the agency used a rare veto initiative to block mine construction before the company had applied for a federal permit. Northern lost its funding partners a year earlier after half-a-billion-dollars in costs and permitting problems.
Continue reading “Article: Northern Dynasty Minerals (NAK) And The Trump Tales”

Book: Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street

Book
Amazon Page

NEW YORK TIMES BESTSELLER • “An essential exposé of our times—a work that reveals the deep rot in our financial system . . . Everyone should read this book.”—David Grann, author of Killers of the Flower Moon

The hedge fund industry changed Wall Street. Its pioneers didn’t lay railroads, build factories, or invent new technologies. Rather, they made their billions through financial speculation, by placing bets in the market that turned out to be right more often than not.

Continue reading “Book: Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street”

Article: ‘Black Edge’ Recounts The Biggest Insider-Trading Scandal In History

Article - Media, Publications

‘Black Edge’ Recounts The Biggest Insider-Trading Scandal In History

Fresh Air, 07 February 2017

Sheelah Kolhatkar discusses the investigation of billionaire hedge-fund trader Steven A. Cohen. She says the ways Wall Street elites accumulate wealth often negatively affect the rest of the country. Continue reading “Article: ‘Black Edge’ Recounts The Biggest Insider-Trading Scandal In History”

Article: West Face Capital Continues to Defend Against Meritless Callidus / Catalyst Lawsuits

Article - Media, Publications

West Face Capital Continues to Defend Against Meritless Callidus / Catalyst Lawsuits

West Face Capital Inc. , 01 February 2017

West Face Capital Inc. today issued the following statement following the procedural ruling today by the Ontario Court of Appeal in the lawsuit by Callidus Capital Corporation and The Catalyst Capital Group Inc. for alleged defamation.

West Face notes that this appeal decision concerns only a motion about the form and content of the plaintiff’s pleadings at the very outset of this case, and does not concern the merits of allegations by Callidus and Catalyst, let alone the propriety of their business practices or public disclosures. Continue reading “Article: West Face Capital Continues to Defend Against Meritless Callidus / Catalyst Lawsuits”

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