Showing posts from March, 2015

Harbinger Investor Suit Over Lightsquared Dismissed by Judge - BLOOMBERG

U.S. District Judge Alison Nathan in Manhattan today dismissed the remaining counts in the suit, after sharply narrowing it in a ruling in 2013. The investors claimed Harbinger acquired an interest in LightSquared, formerly known as SkyTerra Communications Inc., without adequately warning them of the risks. Harbinger ultimately owned 60 percent of LightSquared, which was developing a high-speed wireless broadband network before it filed for bankruptcy in 2012

$DRYS: DryShips Inc. Announces Agreements to Sell Its Tanker Fleet

Yet again, DryShips, Inc. slippery deck CEO Mr. Economou ...may be running a scam. The press release really stated such:

"In agreeing to make the 20% advance payments (approximately $49 million for the 4 firm Suezmax sales) to DryShips rather than to retain a 10% deposit in a joint bank account which is the market standard, and by maintaining the flexibility to deliver the vessels to the purchasers forward, which enables DryShips to capitalize from today's strong spot charter rates, Mr. Economou has once again demonstrated his willingness to go the extra mile to support the best interests of DryShips. At the end of 2014, his personal $80 million equity investment as well as his personal guarantee of the ABN AMRO Bridge Loan, without which that transaction could not have been consummated, were crucial for DryShips. We look forward to his continued support for the benefit of all shareholders."

Is this real?? Does this guy - or his office rather -  use press releases for t…

LightSquared - Bankruptcy - ReOrg Research, Inc.

LightSquared - Bankruptcy - ReOrg Research, Inc.
More than two years and 10 months after LightSquared filed for bankruptcy protection, Judge Shelley Chapman confirmed its latest plan of reorganization, which pays off Charlie Ergen’s interests in cash and gives ownership of the remaining company to investors such as Centerbridge and Fortress. In her other major telecom bankruptcy, Judge Chapman also approved the sale of NII Holdings’ Mexican assets to Cingular this week. In RadioShack’s own contested bankruptcy, the company is fervently trying to push the Standard General purchase, but second lien lender Salus continues to contest that path, even promising to amend its competing bid to make it better than what’s currently on the table. Deciding the latest precedent setting make whole arguments, Judge Sontchi denied the EFIH first lien make whole in the Energy Future Holdings bankruptcy, ruling that EFIH’s bankruptcy filing was not an intentional default. Eike Batista’s bankrupt shipbui…

Superfund #11 - Newsletter -

Superfund Macro Report

Facebook Introduces Free Friend-To-Friend
Payments Through Messages - LINK

Expect ‘Trench Warfare’ Among
Investment Banks - LINK

In Depth
Explaining the huge rise of luxury trucks and SUVs. Once the staple vehicle of
contractors and ranchers, pickup trucks and SUVs have grown to become the
luxurious chariots of the wealthy - LINK

AstraZeneca may again become a takeover target if growth fails to materialize -

Apple's plan for a subscription TV service (bundling existing linear channels
plus on-demand) has not gone away. Launch is planned for the fall.

Onward profits!

Managing Partner, Hagan Capital
Founding Editor, Superfund Macro Report
Chad Hagan on StockTwits

USDA Reports on Large and Growing Agricultural Trade with China

In recent years, growth in U.S.-China agricultural trade has accelerated. During calendar years 2012-13, U.S. exports of agricultural products to China averaged $25.9 billion per year -a tenfold increase from the late 1990s.

Sales to China doubled during 2004-08 and doubled again during 2008-12, while the share of U.S. agricultural exports going to China rose from about 3 percent during the 1990s to 18 percent during 2012-13. China became the largest overseas market for U.S. farm products in 2010. See Article / Link

Dollar falls on more unwinding of bullish bets after Fed falls on more unwinding of bullish bets after Fed 

* Last weeks dovish Fed statement still weighing on dollar 
* Euro strengthens after Draghi comments 

By Sam Forgione 
NEW YORK, March 23 (Reuters) - The U.S. dollar fell for a 
second straight session against a basket of major currencies on 
Monday after traders unwound bullish dollar positions on the 
likelihood that Federal Reserve policy will be accommodative 
over the near term. 
The dollar added to its losses against the euro following a 
Fed statement on March 18 that suggested a less aggressive 
timetable for hiking interest rates. Last week was the dollars 
worst week against the euro since late 2011. 
The market is still positioned long dollars, short euros, 
so its vulnerable to any kind of correction, said David 
Gilmore, partner at Foreign Exchange Analytics in Essex, 
Connecticut, on the unwinding of long-dollar bets. The dollars 
weakness against the euro last week came after it hit 12-year 
highs against t…

Incredible Day In The FX Markets - FOMC

The FOMC caused a massive USD sell off. That did not help my EURUSD short position.
Also noted:  NZDUSD’s double boost isn’t enough to break 0.7550

"It has been an incredible morning in the FX market following the FOMC’s decision to lower its forecasts for interest rates, GDP, unemployment and inflation. This resulted in a massive and widespread USD sell-off against every other major currency. At one point in the chaotic aftermath of the FOMC’s meeting EURUSD was over 400 pips higher than its pre-FOMC levels, with the pair briefly breaking above 1.1000. The dollar index is now set for its biggest daily drop since July 2013. In the hours following the FOMC meeting NZDUSD reached an important resistance zone around 0.7550, but the pair’s upward march was stop in early Asia trade by a widespread retracement towards the USD. However, stronger than expected growth figures out of New Zealand provided the pair with another opportunity to test this level, but it failed to break through o…

Senegal plans to issue $500 million - $1 billion

DAKAR, March 18 (Reuters) - Senegal plans to issue between
$500 million and $1 billion in foreign debt this year, starting
from June, to cover its budgetary needs, an economic advisor to
President Macky Sall told Reuters.
Mamadou Fall Kane also said the West African countrys
government was concerned by the strength of the U.S. dollar and
was using currency swaps to hedge its risk on dollar-denominated
Senegal, which uses the CFA currency that is pegged to the
euro, was also looking to increase its presence in European
markets, he said.

(Reporting by Daniel Flynn; Editing by Robin Pomeroy)
((; +221 33 864 5076; Reuters

Oil extended losses to a seventh day

Oil extended losses to a seventh day, with crude futures down 2.2% at $44.20, ahead of stockpiles data and the Federal Reserve's monetary policy decision. U.S.. crude stocks are forecast to have surged for the tenth straight week to a new record high, fueling new supply concerns of a global oil glut. The Fed is also likely to cut the word "patient" from its policy statement, leaving the door wide open for a rate hike in June.

Oracle Chart - 2000 - Today $ORCL

View Message:
Thank you StockTwits
$ORCL - pretty epic chart

Crude, WTI and $UWTI - Look at the volume move

$UWTI monkey see and Monkeys do..
— Michael NG3 (@NatGasPro) Mar. 17 at 01:06 PM

Franklin Templeton hires Blackstone to advise on Ukraine debt restructuring talks

Ukraine's largest creditor, Franklin Templeton, has hired investment and advisory firm Blackstone to advise a creditor group during debt restructuring negotiations with Kiev, sources familiar with the situation told Reuters on Sunday. The sources confirmed an earlier report by the Financial Times, which quoted sources as saying Franklin Templeton had organised a group of creditors holding 50 percent of outstanding Ukrainian international bonds. Blackstone represented Greece's creditors in 2012. "A significant bondholder of Ukraine's foreign debt has appointed Blackstone as adviser and Weil (Gotshall) as legal adviser to assist in creditor discussions with Ukraine," one person familiar with the situation said. The bondholder is understood to be Franklin Templeton, the person added.
Full Update

Superfund Macro Report #10

Superfund Macro Report

The Euro takes a deeper dive...but then slightly recovers. Currently at $1.0566.

An Interest Rate Hike Could Cause A Recession? LINK

Why is Apple making a gold watch? Think luxury markets - LINK

How Billionaires in London Use Secret Luxury Homes to Hide Assets - LINK

U.S. crude fell below $43 a barrel on Monday for the first time since March 2009 - LINK

In Depth

From bust to boom: How the world became addicted to debt Mapped: Eight years on from the financial crisis, the global economy is still awash with record levels of debt. Click on the countries to find who's in the red and who's in the black - LINK

The Bloomberg Commodity Index fell 1.4 percent to 97.5777, the lowest level since August 2002, dragged down by crude oil and raw sugar. The Bloomberg Dollar Spot Index, tracking the greenback against 10 currencies, is set to climb the most since 2008 this quarter and reached the highest level in data going back to the end of 2004. A stronger dollar tend…

EUR: Little To Stop Further Weakness This Week - Barclays


A very light euro area data and event calendar this week is unlikely to stem recent EUR losses, says Barclays Capital.

"We and consensus forecast final February headline and core HICP inflation (Tuesday) to be confirmed at -0.3% y/y and 0.6% y/y, respectively, supporting the ECB’s recently expanded asset purchase programme," Barclays projects.

"The EU summit (Thursday) may also gain some attention as the situation in Greece is likely to be a topic for discussion, at least on the sidelines. However, we do not expect any major decision. First, the Greek government, in collaboration with the Troika, will have to prepare a comprehensive medium-term macroeconomic framework clearly identifying the reform agenda and any fiscal funding gaps. Current funding pressures should encourage Greece to accelerate its efforts in this regard," Barclays adds.

OMV Petrom SA Claimant - and - Glencore International AG -

Hearing dates: 20-22, 26-29 January, 2-4 and 10-12 February 2015


Crown Copyright ©
The Honourable Mr Justice Flaux:

Introduction and background

This case concerns a fraud committed many years ago by the defendant, formerly known as Marc Rich & Co AG (which became Glencore International AG in 1994 and to which I will refer as "Glencore" save where the context requires otherwise) upon the claimant (to which I will refer as " Petrom"). Petrom is a Romanian oil company which, following corporate reorganisations, is the successor in title of two other Romanian oil companies SC Rafirom SA ("Rafirom") and SC Compania Romana de Petrol SA ("CRP"). Rafirom and then CRP after merger in about 1996, was the state owned company with overall responsibility for the import and refining of crude oil and export of petrochemical products in Romania. In 2004, the merged company was privatised…

Can the GBP/EUR resume the strong uptrend, or do forecasters believe it has peaked?

VIX is everywhere - opportunity is in the markets ---

German Consumer Price Inflation sent the Pound to euro exchange rate down today, drfiting off recent multi-year best conversions. 

Can the GBP/EUR resume the strong uptrend, or do forecasters believe it has peaked? 

A brief foreign exchange market summary before we bring you the rest of the report: 

The Pound to Euro exchange rate: GBP/EUR converts at 1.405.
The Euro to Pound exchange rate: EUR/GBP conversion is 0.712.
The Euro to US Dollar exchange rate: EUR/USD conversion is 1.05.
The Euro to Swiss Franc exchange rate today is converting at 1.056 EUR/CHF.

NB: the forex rates mentioned above, revised as of 14th Mar 2015, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks. Speak to a recommended FX provider to lock in the best exchange rates. - See more at:…

SC Petrom SA v. Glencore U.K. Ltd. & 3 Ors, High Court of Justice, Queen’s Bench Division, 08-417

(Bloomberg) -- Glencore Plc was ordered to pay just over $40 million to OMV Petrom SA by a U.K. court for fraudulently shipping oil of a lower-than-purported quality to Romania in the 1990s. Marc Rich & Co., later to become Glencore International AG, sold about 32 shipments to Romanian state firms from 1993 to 1996 made up of cheaper crude blends than agreed, and falsified documents, Julian Flaux, the judge in the London court, said in his ruling on Friday. It profited by about $40.1 million from the “deceit,” he said. Glencore will appeal the ruling.

From Bloomberg
The case is: SC Petrom SA v. Glencore U.K. Ltd. & 3 Ors, High Court of Justice, Queen’s Bench Division, 08-417

Snapshot of Vietnamese dong exchange rates in the official and unofficial markets - NEWSWIRE

HANOI, March 13 (Reuters) - Heres a snapshot of Vietnamese dong exchange 
rates in the official and unofficial markets, indicative SJC gold prices in 
Hanoi and interbank offered rates at 0402 GMT. 
March 13 March 12 
USD/VND mid-point VND=SBVN 21,458 21,458 
USD/VND interbank VND=VN 21,330/21,400 21,345/21,390 
USD/VND unofficial VNDUNOFF=VN 21,665/21,680 21,670/21,700 
SJC gold (mln dong/tael) 35.24/35.36 35.17/35.29 

Interbank offered rates Overnight 3.9-4.4 3.8-4.5 
1 week 4.0-4.6 3.9-4.5 
1 month 4.3-4.5 4.2-4.6 
3 months 4.3-5.0 4.3-5.0 

NOTES: State Bank of Vietnam rules allow dollar/dong transactions to move in 
a band of +/- 1 percent around the mid point set daily. 
The dongs exchange rate against other currencies is not restricted by a 
band. Interbank offered rates are the latest indicative bid/ask prices, quoted 
from market sources. 
One tael is equivalent to 37.5 grams or 1.21 troy ounces. SJC gold prices 
are quoted by state-owned Saigon Jewelry Co. 
For more interbank rate fixings relea…

Fed Will Open "Pandora's Box" With Rate Hike, UBS Warns

On common theme we’ve been building on lately as central banks work to monetize all net (and sometimes gross) government bond issuance in their respective jurisdictions, is that QE is destabilizing markets by sapping liquidity which in turn inhibits price discovery and creates volatility. This is on display in Japan, where 2 out of 3 dealers think the JGB market is impaired thanks to BoJ asset purchases and where many officials are beginning to get more vocal about the possibility that a lack of liquidity could have “dire consequences.” Similarly, market financing via shadow banking conduits has declined by nearly half since 2008 in the US, and with dealers unwilling to hold inventory of corporate paper thanks to tougher capital requirements, the stage is set for what the Center for Financial Stability recently called “an accident.” As a reminder, here’s what  the SEC's Daniel Gallagher had to say recently about liquidity in the US corporate bond market (via Bloomberg):  http://www…

Different Degrees Of Interest Surround Apple's Smartwatch

Different Degrees Of Interest Surround Apple's Smartwatch
Mar. 11, 2015 15:48 PM ET

Is Apple positioning itself as a lower end luxury product company?
20+ available models.
Priced up to $10,000.00.
Luxury product mentality is great for $APPL bottom line.

Apple ($APPL) will make its smartwatches available pre-order on April 10th and available April 24th.

The watch is unique to itself but an apparent and analyzed market move. Critics need to look at the original critique of the iPad, which many considered an item that was not necessarily needed. The same is being said about the smartwatch. But then again a watch is an accessory and accessories are not needed by everyone and Apple is a consumer electronics company.

Apple's smartwatch collection will range in price from $349 to $17,000 (£299 to £13,500 in the UK).

From CNET:
For the case of its entry-level Sport edition (starting price: $349), Apple said that its engineers custom-designed an alloy based on aluminum t…

Puerto Rico's House clears way for $2.95 bln bond deal

Puerto Rico's House clears way for $2.95 bln bond deal
March 10 (Reuters) - Puerto Ricos House of Representatives 
approved legislation Tuesday to allow for automatic adjustments 
to a tax on oil that would help ensure sufficient revenue to pay 
back a bond deal of as much as $2.95 billion expected by early 
The measure was approved by the Senate last week and is 
expected to be enacted quickly by Gov. Alejandro Garcia Padilla. 
Puerto Rico needs to sell the bonds to improve its liquidity 
position outside of financial markets for up to two years while 
it pushes fiscal and economic reforms. 
Lawmakers agreed to ensure that investors in the deal would 
have sufficient coverage by including a clause to hike the oil 
tax if it failed to raise $325 million annually to make the bond 
payments. If oil tax revenue surpasses expectations, the tax 
rate could be adjusted downward. 
The legislation calls for the Treasury secretary to certify 
the amount of money raised by the tax by March 31 of eac…

Puerto Rico Bankruptcy Bill Could Offer Roadmap for Creditors

A bill that would give Puerto Rico’s government agencies access to the same bankruptcy protections provided to cities such as Detroit would provide a road map for investors if one or more runs out of money, a senior government official told a U.S. House committee Thursday. Melba Acosta, president of the island’s Government Development Bank, told the panel of the House Judiciary Committee that a bill permitting the island to let its so-called public corporations seek protection under Chapter 9 of the U.S. Bankruptcy Code would help protect public services and plans for long-term growth. Puerto Rico is currently barred from allowing its government entities to use Chapter 9.

Superfund Newsletter #8

Superfund Equities Report

A good look at a great move in the startup world. Especially when companies start out seemingly pigeonholed. 

Warning! US slowdown ahead. LINK

In Depth:
The NASDAQ hit 5000 today. Bill Gross is saying we are in a tech bubble. Remember AOL Time Warner?  We could be in a sub-prime auto finance bubble (see here), or perhaps it is just good old-fashioned growth.  Bio-Tech is half truth half promise, so that could be a bubble?  

Utopia in the NEW ECONOMY is here? LINK

Sadly, a report from Bloomberg Markets: The Delusions of Venezuela and Argentina. LINK

Onward Profits!


Chad Hagan
Managing Partner, Hagan Capital Group
Founding Editor, Superfund Equities

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