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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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From: S. maltophilia5/22/2023 11:35:30 PM
   of 18998
 
Earlier this month, Dan Loeb said he wouldn’t be buying SiriusPoint. The Third Point chief said he and the insurer, which he co-created less than three years ago by merging his hedge fund’s reinsurance business with—you guessed it—Sirius International Insurance Group, couldn’t agree on a price.

It turns out, this may be because old Danny Boy isn’t quite as liquid as he—or his clients—would like,

Daniel Loeb's Third Point told its hedge-fund clients Friday that investors exiting its funds would be paid out with a mix of cash and the equivalent of an IOU for about 9% of their money…. Third Point didn't give a timeline for when it expected to give redeeming investors all their cash back but said it would work with investors to facilitate the sale of their interests on the secondary market.

Of course, lots of hedge funds have been putting up new barriers between investors and their money, and Third Point is hardly alone among hedge.....

dealbreaker.com
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