Washington D.C., April 3, 2023 . 13F filing from CHATHAM ASSET MANAGEMENT, LLC, enter your The guy who will be drawing the blood, Anthony Melchiorre, apparently is a piece of work. Fast Company & Inc 2023 Mansueto Ventures, LLC, State pension funds invested millions in hedge fund that controls National Enquirer parent. Suite 3200 Within weeks, the notes were back at about par. With McClatchy, the hedge fund also designed a trade aimed at reaping a windfall through credit-default swaps. Chatham's and Mr. Melchiorre's trading in the AMI bonds accounted for the vast majority of trading in those securities and therefore over time had a material effect on their pricing, according to the SEC. Traders have privately criticized what they see as lofty valuations of illiquid securities. Despite the losses, Postmedia has managed to shunt most of its cash toward paying off its heavy debt load, which ultimately will benefit Chatham. Behind the salacious headlines was an issue thats drawing scrutiny from regulators: bond prices. This much is sure: Chatham founder Melchiorre, 51, has a formidable reputation. 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. The hedge fund owns about two-thirds of the companys long-term debt. Sign-up That offer included the debt assumed by the hedge fund and its partners. SEC employees have questioned the firm on subjects including its pricing of bonds and conversations with various bond dealers. Since 2017, Postmedia has paid out over $6.2 million Canadian, or about $4.5 million, in bonuses to its five top executives, including Mr. MacLeod, the chief executive, and Paul Godfrey, the executive chairman of the board. Named after the leafy suburb where its based, Chatham has posted average annual returns of about 10 percent, trouncing many of its competitors. A March 2019 Fortune magazine story said Melchiorre, who is either 51 or 52, was raised in Chicago, studied economics at Northwestern and got an MBA from the University of Chicago. Hedge fund Chatham Asset Management and its founder, Anthony Melchiorre, agreed to pay more than $19 million to settle US allegations that the firm improperly traded bonds in a media company that owned the National Enquirer.. Managers Inv. Create Email Alert, ***Log In or 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.. Cohens assignment: Get Carl Grimstad, the recently fired CEO of payments processor iPayment Holdings, to the table. They also agreed to pay civil penalties of $4,400,000 and $600,000, respectively. After several stints at elite firms like Goldman Sachs and Morgan. 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. "We remain vigilant in rooting out such misconduct in the marketplace, including in the fixed income sector, where investments can be less liquid.". This much is sure: Chatham founder Melchiorre, 51, has a formidable reputation. Thats because they are losing to him.. $5,850,800. The firm and its founder, Anthony Melchiorre, have a reputation for hard-edged business. The headquarters of Chatham Asset Management in Chatham, N.J. For the low-profile Chatham, American Media has become a high-profile headache. While he was wrangling with Chatham, news trucks were parked outside his house for days. It declined to comment further. Anthony Melchiorre - Chatham Asset Management, Chatham Borough, New Jersey And in 2006, when McClatchy bought out Knight Ridder, McClatchy C.E.O. 1 Twitter 2 Facebook 3RSS 4YouTube Postmedia and Torstar concluded the deal with no cash changing hands. Chatham and Melchiorre consented to the SECs order, without admitting or denying its findings, that they violated Section 206(2) of the Investment Advisers Act of 1940, and that they aided and abetted and caused violations of the Investment Company Act of 1940. Such wagers have come under increased scrutiny from regulators in the last year. Anyone can read what you share. Grimstad claimed in filings that Chatham had manipulated iPayment bonds to seize control of the company. Fortune said Melchiorre wasnt a particularly good fit at the firm and irritated some senior executives. As a family-owned business headquartered in New Jersey, Trinity Solar is excited to interact with families and members of []. I am personally appalled by the Enquirer being an accessory to Cohens criminal behavior on behalf of the candidate, said Tom Bruno, a state union representative who is the chairman of the pensions board of trustees and serves on New Jerseys State Investment Council, which oversees the pension systems investments. The finance industry is also a key component of the largest American newspaper chain, Gannett, which publishes USA Today, The Arizona Republic and 250 other dailies. Long-term clients include the state pension fund of Chathams home state, New Jersey. (Another Postmedia creditor, the hedge fund Canso Investment Counsel, is being paid back more quickly based on an earlier agreement.). The expected deal to sell The Sacramento Bee, McClatchys flagship publication, and other newspapers to a New Jersey hedge fund will end 163 years of family ownership. Postmedia, where Pecker sat on the board until last August, has posted annual losses for most of the past decade. SEC form, multiple filers or classes of filers, and much more.***. Cohens assignment: Get Carl Grimstad, the recently fired CEO of payments processor iPayment Holdings, to the table. After he departed amid a round of layoffs, Melchiorre quit Manhattan to join the Jersey Boys, a clique of hedge funders across the Hudson River that included billionaires Cooperman and David Tepper. Ex-99.1 - Sec That's why all these financial players Chatham Asset Management here, Alden Global Capital, Fortress Investment Group, and Apollo Global Management elsewhere find newspapers such a hospitable environment. Federal regulators have been asking questions, too. Chatham Asset Management, LLC Anthony Melchiorre Managing Member Dear Mr. Melchiorre, We are writing to follow up on our discussions with regards to your non-binding, conditional indication of interest to acquire R. R. Donnelley & Sons Company. All rights reserved. It is mandatory to procure user consent prior to running these cookies on your website. Its bonds rarely change hands. Both have had roles in Chathams other media company, American Media, the publisher of The National Enquirer and other supermarket tabloids. American Media now owes debtholders in excess of $1 billion, more than the book value of its assets. Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. Seaport Global defended its practices. A first French dpartement of Alpes-Maritimes existed in the same area from 1793 to 1814. Earlier this month, Alden secured a third seat out of seven on the Tribune Publishing board as it seemed to inch closer to taking control of that company. An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company's distinctive lens, The future of innovation and technology in government for the greater good, Fast Company's annual ranking of businesses that are making an outsize impact, Leaders who are shaping the future of business in creative ways, New workplaces, new food sources, new medicine--even an entirely new economic system. Chatham is led by Anthony Melchiorre, a Chicago-area native who has earned a reputation on Wall Street as a tough negotiator. They are scrappy, and they arent afraid of litigation to defend their investments, said Leon Cooperman, a recently retired hedge fund mogul who is a Chatham investor and part owner of American Media, the Enquirers publisher. In a statement, Craig Forman, the McClatchy chief executive, said Chatham would allow the company to continue providing strong news coverage. The notes dont pay regular interest in cash, a sign of their inherent riskiness. 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. 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. 5.Anthony Melchiorre, age 55, resides in Short Hills, New Jersey. That made it one of the best performing bonds in the world at the time. Hedge Fund Chatham, Founder Melchiorre Pay $19M in SEC Case Over Bond Anthony Melchiorre is the Founder & Managing Member of Chatham Asset Management. 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. Aiysha Johnson will take the helm of the 13,000-plus member organization following Ralph Albert Thomas' June retirement. JimmyCsays: At the juncture of journalism and daily life in KC, Theres clarity in the St. Louis Post-Dispatchs futureFor The Star, just a bighaze. Revenue has dropped an average of 10 percent a year since 2016. 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. Its a huge problem, and its getting to the point where its unacceptable.. The SEC has increased its focus on the valuation of securities across the market, said Jacob Frenkel, a lawyer at Dickinson Wright. AMI executives helped Cohen purchase stories that could have hurt Trumps presidential bid, according to theWall Street Journal. Good writing. Anthony Melchiorre has served as Managing Member/Portfolio Manager of Chatham Asset Management, LLC since 2003. Chathams media interests are led by two of its partners, Evan Ratner, a longtime Wall Street investor and a former analyst with Goldman Sachs, and Barry Schwartz, who has specialized in debt investments. They wanted to kill a lawsuit by the former head of another Chatham company. Although not physically imposing, Melchiorre could be foul-mouthed and loud, and would berate fellow traders as he bopped around the trading floor in his stocking feet. Trumps former attorney, Michael Cohen, recentlypleaded guiltyto breaking campaign finance laws stemming from payments he made to women to hide affairs with the former reality TV star and real estate magnate. Chatham was the favorite in the McClatchy auction, but the New York hedge fund Alden Global Capital expressed strong interest last week, when a lawyer representing the firm said at a bankruptcy hearing that Alden was prepared to top any other bid. A March 2019 Fortune magazine story said Melchiorre, who is either 51 or 52, was raised in Chicago, studied economics at Northwestern and got an MBA from the University of Chicago. Chatham CEO Anthony Melchiorre and McClatchy CEO Craig Forman assuming Forman stays in place both believe in the . Posted in Uncategorized | 5 Comments. Anthony is Managing Member/Portfolio Manager and has served as Managing Member/Portfolio Manager since 09/01/2003. Like Warren Buffett, Wall Street traders and just about everyone else, Chatham has no illusions about where the newspaper industry is headed; it just wants to bleed them of cash, or, perhaps, sell them at a nice profit to another chain. Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy. A spokeswoman for Cohen declined to comment, and a spokesman for American Media and Pecker didnt respond to requests for comment. In 2013, former New Jersey Gov. House in Cabris, Provence-Alpes-Cte d'Azur, France.
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