Park pleads guilty

According to U.S. Attorney, fallen investment advisor will serve 'serious time'
Feb 27, 2009 3:19 PM

The French (and the Kentuckians) are coming

Cracker Barrel Old Country Store has two new 5 percent owners. French financial powerhouse (and isn't that a relative term these days) Axa built a 5.4 percent stake in the locally based restaurant chain (Ticker: CBRL) during the fourth quarter, while Louisville-based River Road Asset Management increased its holdings by a fifth, lifting it over the 5 percent threshold.
Feb 22, 2009 11:47 PM

Wellington, Baron big buyers of CHS

Two big money management firms have doubled down on shares of Community Health Systems lately. Boston-based Wellington Management, which controls about $160 billion in assets, bought 3.2 million shares of the Franklin-based hospital company (Ticker: CYH) last month, lifting its stake from 8.5 percent to almost 12 percent. The buying spree came after the more measured addition of almost 1.8 million in the fourth quarter of 2008. Also during the fourth quarter, Baron Capital Group Inc., the holding company for many of New York investor Ron Baron's interests, added 3 million shares to its CHS stake, which now stands at a shade under 10 percent. For every buyer a seller, right? A big seller of CHS during the last few months of 2008 was hedge fund TPG-Axon Capital, which unloaded all of its 4.9 million shares during the quarter.
Feb 22, 2009 11:26 AM

Tractor Supply shareholder comings and goings

Wyoming-based money manager Friess Associates discloses that it built a 6.1 percent stake in Tractor Supply from scratch during the fourth quarter. Meanwhile, investment giant Capital Research trimmed its position in the Brentwood-based retailer (Ticker: TSCO) by 1 million shares and now owns about 7.2 percent.
Feb 17, 2009 7:18 AM

Securities trouble for largest shareholder of local golf company

Stanford International Bank, which as of last spring owned more than 80 percent of the shares of Brentwood-based ForeFront Holdings, is being investigated by securities regulators over the sale of certificates of deposit with a remarkably consistent performance record.
“That type of return ignores the business cycle,” said L. Burke Files, principal of Financial Examinations & Evaluations Inc., a Tempe, Arizona-based financial investigation firm. “His returns fall outside the bell curve of probability.”
Feb 12, 2009 8:55 PM

Pension fund down before the fall

Jennifer Brooks on a report from the state comptroller:
Tennessee’s $31 billion pension fund took a hit during the 2008 economic downturn, losing $731 million by mid-year, and millions more afterward. The good new is, those initial losses represent just 2.3 percent of the value of the fund, which provides retirement income and death benefits for former state and local government employees — everyone from teachers and government workers to sheriff’s deputies.
UPDATE: More from Jen Brooks
Feb 10, 2009 4:51 PM

The other 10% Gaylord owner

Columbia Wanger Asset Management, a Chicago-based firm, has filed papers saying it still owns about 10 percent of Gaylord Entertainment's shares (Ticker: GET). The firm, which manages the $11 billion Columbia Acorn mutual fund (Ticker: ACRNX), doesn't appear to have a history of activism, but now looks set to play a key role in the tug of war over Gaylord's board.
Feb 6, 2009 7:34 AM

Hmm, kinda takes the legs out from under one of your Gaylord arguments, no?

Robert Rowling, the Omni Hotels owner and Gaylord Entertainment board challenger, says he will quit as chairman of the investment fund at the University of Texas after approving almost $6 million in bonuses.
“It is inappropriate to excessively reward staff using dollars from a weakening fund that our higher education institutions and their employees depend upon,” Perry and Dewhurst, both Republicans, said in their letter. “We find it hardly defensible to issue bonuses of this size during a time when state agencies are being asked to tighten their belts.”
Recall that Rowling is taking Gaylord to task in part for what it says is excessive compensation. "Unlike management, we do not draw rich salaries from Gaylord's coffers."
Feb 5, 2009 4:58 PM

Two more local Madoff victims

Belle Meade resident Howard Levy and downtown accounting firm Jacobs Cohen are among the hundreds of investors listed in a document released yesterday by a New York court.
Feb 5, 2009 2:32 PM

Vandy offers details on endowment losses

Summer move into cash helped limit drop to 'only' $600M
Feb 5, 2009 12:23 PM