Morning Brief: Brigade Identified as Victim of Concert Ticket Ponzi Scheme

Brigade Capital Management has been identified as the hedge fund that was allegedly defrauded of $4.6 million by radio sports host Craig Carton and others, according toSports Illustrated. Carton, a sportscaster best known for his bluster, strong opinions, and gambling proclivities, wasarrested and chargedwith securities fraud, wire fraud, and conspiracy, as was his co-conspirator Michael Wright. They and a third individual, identified by the Securities and Exchange Commission as Joseph Meli, were accused of engaging in an elaborate scheme to convince investors they were buying concert tickets for big-name performers such as Adele, Justin Bieber, and Katy Perry and selling those tickets on the secondary market for a big mark-up thanks to deals with concert promoters. Instead, the trio allegedly misappropriated the funds, operating what turned out to be a Ponzi-like scheme. Among the investors they convinced to invest in their operation was Brigade. Inits complaint, the SEC laid out the elaborate relationship and trust between the defendants and Brigade without identifying the name of the hedge fund, detailing how Carton and his cohorts convinced Brigade to invest $4.6 million over two separate deals. Brigade managed $18 billion at the beginning of the year. Of that amount, $3 billion to $4 billion had a hedge fund fee structure, according to a source. Brigade general counsel Aaron Daniels did not return a phone call seeking comment.

---

潘兴方资本管理的比尔阿克曼与ADP，工资单处理和咨询公司争取其他有争议的代理人斗争。周二的活动家对冲基金经理提起了一个明确的代理陈述，寻求董事会三个席位，呼吁某种妥协。In a letterto the ADP board made public by Pershing Square following a meeting of the two parties, Ackman said his “strong preference” is to end the proxy contest and “come to a resolution on governance.” He said his firm proposed expanding the board by three seats and adding its nominees. “This would eliminate the need for us to replace existing directors and we could begin working together immediately,” Ackman added. “We left the meeting with the strong impression that we could work together very effectively to build on ADP’s strengths to greatly improve the company’s competitiveness, profitability, and growth.”

---

Ackman also received good news on Thursday when Credit Suisse raised its price target on Pershing Square holding Restaurant Brands International from $60 to $74. The investment bank also lifted its rating on the stock from Neutral to Outperform. In a note to clients, Credit Suisse said the owner of Tim Hortons and Burger King fits well within its thesis that the sector is saddled with oversupply. “We are looking for reasonably valued names that can grow earnings in the face of considerable sales and margin pressure, and RBI fits this bill,” the note stated. It also said the stock’s valuation is cheaper than it looks, pointing to the company’s above-average unit growth, improving cost of capital, low tax rate, and low capital expenditures. The stock is by far Pershing Square’s largest long position. The hedge fund is also the largest outside investor. Shares of Restaurant Brands on Thursday rose 3.54 percent to close at $76.62.

---

信用素领另外，投资银行对Biotech公司肌营养不良药物未来前景更加有希望之后，对冲基金最喜欢的糖脂治疗方法的价格目标从64到81美元起。“我们继续将SAREPTA视为一个顶级的小帽子，”投资银行在一个纸条中告诉客户。在第二季度结束时，SAREPTA的前10名持有人包括POPER72资产管理，陀飞轮资本合作伙伴，千年管理和康伯资本管理。此外，该股是感知顾问多元化医疗保健和生物技术组合中的第十四大的长头。尽管支持较大，但SAREPTA的股份下降了2.9％，才收于45.38美元。