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Old 04-08-2013, 05:43 PM
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Default Vinik a little distracted?

http://www.tampabay.com/news/busines...e-fund/2113915

The Wall Street Journal reported Monday that investors in Vinik's hedge fund a principal source of his wealth have asked to pull out around $1.5 billion after a period of poor performance. The withdrawal requests, increasingly common among hedge funds, amount to around 18 percent or just under $1 of every $5 invested of the roughly $8 billion that was run by Vinik Asset Management.

According to the Journal, the redemption requests come as Vinik, who rose to fame in the 1990s as the manager of Fidelity Investments' Magellan fund, has added a new investment team and moved from Boston to Tampa to be closer to the Lightning. "The moves have raised concerns in some quarters that Mr. Vinik, 54 years old, may have become less focused on investing, according to people familiar with the firm," the story states. That distraction may also influence Vinik's ongoing negotiations, now seemingly backburnered, to bid for Channelside Bay Plaza, as news of a new potential buyer surfaced last week.
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Old 04-08-2013, 07:57 PM
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Minor concern really. Looking over his portfolio, as I have not kept up with it in over 9 months... gotta believe the LP's are washing their hands of positions like Facebook, Gold, and Best Buy.

Given the fact that redemptions have been soaring since the S&P's rise, and redemptions have been ramped up the last 2 quarters, I'm surprised really it took this long for them to do so (VAM).

At least he hasn't thrown up a gate.
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Old 05-21-2013, 12:20 PM
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Also posted in the "News of the Day" thread

Quote:
Channelside bid rejected by Tampa Port Authority

...

Negotiations between the port and bidder reached an impasse on some points last week, particularly over a request by the authority that Liberty/Convergent put at least $8 million in an escrow account to pay for planned renovations.
also

Quote:
In a statement last week following the impasse, Punit Shah of the Liberty group said: "While we have been frustrated by our interpretation of a complex and unique negotiation, we remain committed to and passionate about the Channelside Bay Plaza project."
http://tbo.com/channelside-bid-rejec...ty-b82494598z1

I asked around... is there an opportunity here for Mr. Vinik to rekindle discussions?
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Old 05-22-2013, 06:45 AM
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I would certainly hope so. The Liberty guys were warmly received by the residents and other intersts in and around Channelside, but the Port Authority basically said the emperor had no clothes.

I'm not a developer or financier, but I'd feel alot more confident with Vinik involved in the development.
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