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Inside Track: Hedge fund group cancels winter event
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The local hedge fund industry has canceled its Winter Ball, scheduled for the Minneapolis Club in December, "due to volatility within the hedge fund industry."
The big shooters at Deephaven Capital Management, Whitebox Advisors, Pali Capital, plus other firms and their lawyers and accountants are a little stressed lately. And not all their clients are happy about their performance.
"In its place, we plan to host a 'happy hour,' as much of the feedback included the desire to get together, albeit on a smaller scale," according to a note last week from the Twin Cities Hedge Funds Care Committee. "We are in the process of confirming a venue and anticipate the location to remain downtown."
There's talk about huge setbacks in some investment strategies for the lightly regulated investment organizations that cater to rich and institutional investors with contrarian strategies that often involve leverage, another word for debt.
In recent weeks Deephaven and Whitebox have told investors that they wouldn't be allowed to withdraw their money from some funds, citing an unprecedented rush toward the safety of cash amid a cavalcade of money-losing investments.
Let's hope the industry, where local managers have made millions during past gravy years, won't end up shorting the charities that are even in rougher shape this year, amid layoffs and compensation cuts by their well-heeled benefactors. The local hedge fund chapter has benefited Children's Home Society and Family Services Crisis Nurseries, among other service agencies.
Dorsey vs. the VADorsey & Whitney is putting its legal resources behind a lawsuit on behalf of veterans suing the Department of Veterans Affairs (VA).
A lawsuit challenging the VA's disability claims process was announced last week in Washington, and Dorsey attorney Robert Cattanach will serve as lead counsel in the effort. Dorsey and Cattanach are providing services on a pro bono basis.
The lawsuit, brought by Veterans of America and Veterans of Modern Warfare, seeks to speed up the time it takes the VA to process disability claims and appeals of denied claims.
Cattanach is a Naval Academy graduate whose father was wounded at Pearl Harbor and whose son did two tours of duty in Iraq. He leads a team that so far has used the services of more than 50 Dorsey attorneys in the lawsuit.
New Carmichael clientThe Minneapolis advertising agency Carmichael Lynch and its public relations division, Carmichael Lynch Spong, last week were named agency of record for the national restaurant chain Noodles & Co. Billings were not disclosed. Carmichael will focus on brand strategy, creative development, store-by-store promotions and public relations. Noodles & Co., based in Colorado, has nearly 200 restaurants in 18 states, including 21 locations in the Twin Cities.
Medicine and lawThe Minneapolis law firm of Leonard Street Deinard this month celebrates its 15th year staffing a legal clinic at the Community-University Health Care Center in the Phillips neighborhood of Minneapolis, where most of its clients earn less than $10,000 a year and are women or minorities. The legal clinic sees almost 200 clients a year. The firm estimates the value of its free services over the past 15 years at $9 million.
NEAL ST. ANTHONY, DAVID PHELPS
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Wisconsin kicks our butt
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