anthony melchiorre chatham asset management

Sort: $5,409,230. Chatham has been restructuring their debt to give them more time. Last week, that kind of financial maneuvering reappeared in another major newspaper deal, when Chatham emerged as the winning bidder in a bankruptcy auction for the McClatchy Company, a chain with 30 media outlets including The Miami Herald, The Kansas City Star and The Sacramento Bee. His behavior infuriated some senior executives, according to former colleagues. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The company that is poised to take control of McClatchy and its 29 daily papers doesnt have a website. 2023 BridgeTower Media. In 2016, the Financial Industry Regulatory Authority opened a review of the brokerage Seaport Global Securities that, while focusing on that firm, included an examination of its relationship with Chatham, people familiar with the matter said. With roots going back to 1857, McClatchy, a consistent winner of top journalism awards, was one of the last major family-run news publishers. Despite the macroeconomic warnings of a recession and job[], A Cherry Hill-based financial institution is back on top of Small Business Administration lenders in New Jerse[]. A year later, 3 grads CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. From 2016 through 2018, one Chatham-advised client sold certain American Media Inc. bonds while a different Chatham-advised client purchased the same bonds through various broker-dealers, according to the SEC. /s/ Anthony Melchiorre Anthony Melchiorre Managing Member Contacts. They wanted to kill a lawsuit by the former head of another Chatham company. Found 4 colleagues at Chatham Asset Management. Activist Investor Washington, D.C.--(Newsfile Corp. - April 3, 2023) - The Securities and Exchange Commission today charged New Jersey-based Chatham Asset Management LLC and its founder, Anthony Melchiorre, in . Fast Company & Inc 2023 Mansueto Ventures, LLC, State pension funds invested millions in hedge fund that controls National Enquirer parent. Chathams tabloid publisher possesses a treasure trove of Trumps secrets, his former fixer Cohen told Congress last month. The deal was partly financed by one private equity fund, Apollo Global Management, and Gannett is now controlled by another private equity fund, Fortress Investment Group, which is owned by the Japanese conglomerate SoftBank. The Ohio pension system did not respond to questions about whether it will seek to divest assets from Chatham. Whalewisdom has at least 9 13F filings, 19 13D filings, 29 13G filings, and 127 Form 4 filings. Washington D.C., April 3, 2023 . The headquarters of Chatham Asset Management in Chatham, N.J. Since Chathams takeover of Postmedia, Mr. Ratner and Mr. Schwartz have checked in regularly with its management team. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. Chatham Asset Management is based out of Chatham. The SEC has increased its focus on the valuation of securities across the market, said Jacob Frenkel, a lawyer at Dickinson Wright. As far as leadership goes, I feel like the way they talk about it, were almost operating like a sales agency, not a news service, Mr. Gibson, the union leader, said. Named after the leafy suburb where its based, Chatham has posted average annual returns of about 10%, trouncing many of its competitors. Such wagers have come under increased scrutiny from regulators in the last year. Sign up and get the best of News delivered straight to your email inbox, free of charge. You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan,and submit your feedback using our Accessibility webform. But many dailies remained sources of reliable cash flow, making them attractive investments for owners focused on maximizing returns. Donnelley & Sons, McClatchy, Postmedia and Accelerate360. Ive received well over six figures since retiring in 2006, and I could get another six, if I live long enough and if the PBGC either makes McClatchy pay up or picks up at least two-thirds of the companys pension responsibilities. Chatham Asset Management's Role in Tabloid-Worthy Stories - Fortune Luxury Homes for Sale in Cabris, Provence Alpes Cte D'azur, France. Chatham Asset Management Increases Offer to Acquire R.R. Donnelley to It is mandatory to procure user consent prior to running these cookies on your website. Fortune said Melchiorre wasnt a particularly good fit at the firm and irritated some senior executives. At least five other traders whove looked at the bonds say their prices seem too good to be true. (The most memorable thing he said was Disney would not be selling the papers anytime soon, but they were on the block a year later.). Despite the losses, Postmedia has managed to shunt most of its cash toward paying off its heavy debt load, which ultimately will benefit Chatham. Grimstad knows what its like to be under a tabloid-like glare. The New York Post put the story on its front page under the headline Frisky Business. (Grimstad has called those allegations false and meritless.). In the interest letter to Vericast CEO John OMalley, Chantham Managing Member Anthony Melchiorre detailed CAMs longstanding investments in the company, including: We are prepared to support any financing requirements for this transaction by subordinating some of our debt interests into subordinated notes or equity, thereby reducing the companys net leverage by up to 2.0x, Melchiorre wrote. Anthony Melchiorre, Chatham Asset Management, LLC: Profile and McClatchys troubles can be traced to 2006, when it bought its much larger rival, Knight Ridder, then the second-largest newspaper chain in the United States, for $4.5 billion, plus the assumption of $2 billion in debt. Those investments amounted to a bet that the companies would acquire competitors and cut costs. The consultant reviewed Chatham's trading annually for compliance with applicable laws and did not alert the firm to any issues. Journalists employed by McClatchy, as well as the mayors in Lexington, Ky.; Sacramento; and Miami three cities served by McClatchy papers pushed for local, civic-minded ownership of the chain. The state has said its exploring its options in light of Bezoss claim that American Media tried to blackmail him. After sparking federal prosecutors ire for its role in burying Trumps secrets shortly before the 2016 election, the company has drawn international attention for its war with Jeff Bezos over its expos of his extramarital affair. Google and Facebook came to dominate the online ad market, hampering publishers attempts to generate the necessary revenue from digital advertising. What a great word! containing a link to download the .zip file of the CSV file(s) you requested. Grimstad claimed Chatham artificially drove down the price of the bonds by almost 30% in a single trade, effectively blocking a debt-restructuring effort so it could capture control of the company. In a statement, Craig Forman, the McClatchy chief executive, said Chatham would allow the company to continue providing strong news coverage. (Another Postmedia creditor, the hedge fund Canso Investment Counsel, is being paid back more quickly based on an earlier agreement.). Yet its recent focus on tough-to-trade investments has given some clients pause, and initially drove off investors such as the Ohio state pension fund. When completed, an email will be sent to the email address you specify Cohens involvement was detailed by people with knowledge of the talks. Which is concerning., Under Hedge Fund Set to Own McClatchy, Canadian Newspapers Endured Big Cuts, https://www.nytimes.com/2020/07/16/business/media/hedge-fund-chatham-mcclatchy-postmedia-newspapers.html. The court and regulators must approve the deal. The hedge fund is run by Anthony Melchiorre, a GOP donor whoreportedlymetwith the president and AMI CEO David Pecker at the White House soon after Trump took office. A New Jersey Treasury Department spokesperson said in an email that its Division of Investment is in regular contact with its investment partners regarding underlying portfolio companies and provides feedback when appropriate. Thats because they are losing to him.. I cannot talk on behalf of the entire SIC, but I will be doing everything in my power to convince a majority to vote the same way.. This much is sure: Chatham founder Melchiorre, 51, has a formidable reputation. Anthony Melchiorre has an ownership stake in Chatham Asset Management, LLC of between 50% and 75%. Chatham Asset Management is a hedge fund with 13 clients and discretionary assets under management (AUM) of $8,608,297,054 (Form ADV from 2022-03-30). The notes dont pay regular interest in cash, a sign of their inherent riskiness. Price swings on the trades described in the lawsuit marked the biggest-ever percentage changes in those securities, data reviewed by Bloomberg show. Despite the companys financial distress, its bonds traded near par until December, and after dropping, have been climbing back. Yet, over the years questions have swirled around Chatham. All rights reserved. Grimstad claimed Chatham artificially drove down the price of the bonds by almost 30 percent in a single trade, effectively blocking a debt-restructuring effort so it could capture control of the company. Hedge Fund Chatham Settles SEC Case on Improper Bond Trading (1) The state has said its exploring its options in light of Bezoss claim that American Media tried to blackmail him. During the last five years, taxpayers in New Jersey, Ohio and California have owned large financial stakes in the owner of the media company that allegedly helped the Trump campaign bury negative stories, according to documents reviewed by Capital & Main and MapLight. Chatham investors say that even if authorities go after the National Enquirer for allegedly extorting Bezos or for catch-and-kill tactics, American Media is a valuable company, with several magazines it could sell to raise money for creditors. Chatham and Melchiorre agreed to pay . On Friday he ordered remaining ones back to the office. Chatham Asset Management Increases Offer to Acquire R.R. A spokesman for the Ohio pension system said Thursday that the state asked for its money to be withdrawn from the Chatham fund in 2015; the money was redeemed in 2017. Chatham Asset Management Offers To Acquire R.R. Donnelley For $7.50 Per [1]: There are people who dont like him. Chatham Asset Management and its founder, Anthony Melchiorre, have agreed to settle charges they violated U.S. laws designed to protect investors when they bought and sold bonds in. After years of declines in revenue and print circulation, the McClatchy Company, one of the largest and most respected news publishers in the country, announced on Sunday that it expected to be bought by Chatham Asset Management, a New Jersey hedge fund, at the conclusion of a bankruptcy auction. Soon after, he crossed the Hudson River to set up his own hedge fund in Chatham, N.J. Mr. Melchiorre manages over $4 billion in assets for clients through various funds, including some listed under a Cayman Islands address, where more favorable tax rates apply. for Q1 2022: commodity pool operator or commodity trading advisor, Percentage of assets under management,Performance-based fees, CHIEF OPERATING OFFICER/CHIEF COMPLIANCE OFFICER, MEMBER/CHIEF OPERATING OFFICER/CHIEF COMPLIANCE OFFICER, MEMBER/CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER, LIMITED PARTNER CHATHAM ASSET PARTNERS, LP, MANAGING MEMBER CHATHAM ASSET PARTNERS GP II, LLC, CHATHAM ASSET PRIVATE DEBT AND STRATEGIC CAPITAL FUND III, LP, CHATHAM ASSET PRIVATE DEBT AND STRATEGIC CAPITAL OFFSHORE FUND III, LP, CHATHAM ASSET PRIVATE DEBT AND STRATEGIC CAPITAL FUND, LP, Other Private Fund HYBRID DEBT AND STRATEGIC CAPITAL FUND. With McClatchy, the hedge fund also designed a trade aimed at reaping a windfall through credit-default swaps. Those investments amounted to a bet that the companies would acquire competitors and cut costs. These cookies do not store any personal information. The Securities and Exchange Commission has stepped up examinations of various bond funds lately, inquiring about their relationships with brokers and how they value debt. What is the average price for a luxury home in Grasse, France? Chatham Asset Management LLC, a private investment firm headquartered in Chatham, on May 16 submitted a letter of interest to acquire San Antonio-based Vericast from MacAndrews & Forbes Inc. for roughly $2.85 billion. Recent cases brought by the regulator show its trying to ensure that investors have a full and fair understanding of how instruments in the market are being priced.. Postmedia is under investigation by Canadian regulators over a deal with a rival publisher, Torstar, the owner of The Toronto Star, that resulted in the closing of 36 newspapers and the loss of nearly 300 jobs. They stay away from editorial matters but tend to focus on finding efficient ways to cut costs, according to two of the people. Then theres American Media. . After stints at Donaldson, Lufkin & Jenrette, and Goldman Sachs Group, Melchiorre landed at Morgan Stanley in 1998 where he rose to head the junk-bond trading group. After Grimstad filed his suit, the Chatham camp countered, claiming Grimstad had used company money to pay a Las Vegas escort $4,000 for sexual activities and later hired her and her mother. The Christie administrations shift of $500 million into Chatham makes New Jersey retirees a substantial investor in the hedge fund, which manages $3.2 billion in assets, according tostate records. The fund, Chatham Asset Management, acquired two-thirds of Postmedia, the publisher of The National Post, The Vancouver Sun and several other major Canadian papers, by trading a portion of the money it was owed for the majority ownership stake. Use the CB Insights Platform to explore Chatham Asset Management's full profile. Thanks, Tracy. Now he was working on behalf of Chatham Asset Management, a $4.3 billion hedge fund that owns the National Enquirer. The California state pension system has been planning to exit all of its hedge fund investments and has been asking Chatham to sell holdings so it can return about $200 million. Its pretty frustrating, said Brian Gibson, the president of the local union that represents 140 members of the editorial staff at Postmedias Vancouver papers. "As our order finds, Chathams trading in AMI bonds had the effect of increasing the prices of those generally illiquid securities in a way that was disconnected from economic reality," said Sanjay Wadhwa, Deputy Director of the SECs Division of Enforcement. Californias pension fund also has a $235 million stake in a Chatham fund. With McClatchy, the hedge fund also designed a trade aimed at reaping a windfall through credit-default swaps. Two other old-line media investments, Postmedia Network Canada Corp. and McClatchy Co., have become central to Chatham and its thesis that itll make money in an industry others are fleeing.
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