Yet, over the years questions have swirled around Chatham. --With assistance from Neil Weinberg and Matt Robinson. The New York Post put the story on its front page under the headline Frisky Business. (Grimstad has called those allegations false and meritless.). These cookies do not store any personal information. Since Chatham took a majority stake in Postmedia, the company has cut its work force, shuttered papers across Canada, reduced salaries and benefits, and centralized editorial operations in a way that has made parts of its 106 newspapers into clones of one another. McClatchy, the publisher of The Miami Herald, The Kansas City Star, The Charlotte Observer and its flagship publication, The Sacramento Bee, filed for Chapter 11 bankruptcy protection in February. Like most newspaper companies, including McClatchy, which struggled for more than a decade before filing for Chapter 11 bankruptcy protection in February, Postmedia has suffered falling revenues, making cost cuts all but inevitable. Marian Needham, the executive vice president of the NewsGuild, the union that represents employees at some McClatchy newspapers, said in a statement that McClatchy needed to adopt existing collective bargaining agreements. When completed, an email will be sent to the email address you specify 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 . Seaport Global defended its practices. 130 E. Randolph St. Resources. 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. SEC form, multiple filers or classes of filers, and much more.***. Use the CB Insights Platform to explore Chatham Asset Management's full profile. Its pretty frustrating, said Brian Gibson, the president of the local union that represents 140 members of the editorial staff at Postmedias Vancouver papers. Following the successful launch of its Newport Centre location last fall, the brand recently unveiled its newest restaurant d[], JLL secured a long-term lease for 3,400 square feet for Rubinstein Plastic Surgery Center LLC, a cosmetic surgery practice, m[], The CEO of Toorak Capital Partners offers an analysis of the current residential real estate market, the [], Video Replay: NJBIZ Leaders In Digital Technology 2023, Congratulations to the 2023 NJBIZ Leaders in Law honorees (updated), Introducing NJBIZ Connect Your Guide to New Jersey Businesses, NJBIZ unveils 2023 Leaders in Finance Lifetime Achievement Honoree, Introducing the 2023 NJBIZ Leaders in Finance honorees (updated). This website uses cookies to improve your experience. The SEC would like to thank the Financial Industry Regulatory Authority for its assistance with this matter. Download 13F Summary As weak as these papers are and as far as they have fallen, they still throw off lots of cash. I think Ill go to Egypt, Brazil and Africa before my $891.23 monthly pension check stops coming. 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. Hedge Fund Chatham Settles SEC Case on Improper Bond Trading (1) Position: Managing Member/Portfolio Manager, Company/Fund Name: Chatham Asset Management, LLC, Address: 26 Main Street, Suite 204, Chatham, NJ, 7928, United States. Hedge funds and private equity firms have had a growing presence in the news industry, to the chagrin of press advocates who argue that financial firms do not make civic-minded stewards of a business built largely on holding the powerful to account. In that sense, they are perfect victims for scavengers. 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. In 2018, American Media announced the sale of the tabloid to the family that founded the Hudson News chain of newspaper and magazine shops. The SECs investigation was conducted by Daphne Downes, Brian Fitzpatrick, and Lindsay S. Moilanen, with assistance from Carina Chambarry and Raymond Wolff of the SECs Division of Economic and Risk Analysis. Chatham Asset Management . Chatham Asset Management, LLC (together with its affiliates, "we" or " Chatham "), is a New Jersey -based credit investment firm focused on rigorous, fundamentally-based research, with. The ugly litigation with the tech executive was resolved with a less-than-remorseful apology and a multimillion-dollar payday for Grimstad. Federal regulators have been asking questions, too. Postmedia and Torstar concluded the deal with no cash changing hands. Anthony is Managing Member/Portfolio Manager and has served as Managing Member/Portfolio Manager since 09/01/2003. Main Office 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. The order further finds that these trades were executed at prices Chatham and Melchiorre proposed and had the effect of increasing the price of the AMI bonds at a significantly higher rate than the prices of similar securities. Anthony Melchiorre, Chatham Asset Management, LLC: Profile and With McClatchy, the hedge fund also designed a trade aimed at reaping a windfall through credit-default swaps. In the last two fiscal years that ended in August, Postmedia booked losses totaling about $40 million in Canadian dollars. Anthony is Managing Member/Portfolio Manager and has served as Managing Member/Portfolio Manager since 09/01/2003. 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. to see more advanced email alert options such as selecting any type of His behavior infuriated some senior executives, according to former colleagues. (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.). AMI gave$10,000 to a super PACsupporting Christies 2016 presidential bid, and Mother Jones reported that ChristieplacedPecker on his campaign leadership team. How do I update this listing? Altogether, the company has cut over 1,600 employees since 2016, or 38 percent of its staff, based on company filings. They make money for their clients.. 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. Chris Christies administrationmoved$300 millionof pension cash into the Chatham Fund, LP, which hasowneda stake in AMI, according to SEC records. AMI executives helped Cohen purchase stories that could have hurt Trumps presidential bid, according to theWall Street Journal. 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. Chatham investment firm moves to acquire Vericast for $2.85B. Offers may be subject to change without notice. Chatham has tried to unload The Enquirer. With McClatchy, the hedge fund also designed a trade aimed at reaping a windfall through credit-default swaps. 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. Im always for local ownership whenever possible, and local support, said Sree Sreenivasan, professor of digital innovation at Stony Brook Universitys School of Journalism, sounding a note of caution regarding finance-industry ownership. A Chicago-area kid who studied economics at Northwestern and got an MBA from the University of Chicago, his high-toned education didn't reduce the intensity of the former high-school football star. Freelance budgets have shrunk at Postmedia, and travel expenses have been severely curtailed, the people said. It even offered lower yields than some blue-chip companies. [2]: 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. Newsonomics: Six takeaways from McClatchy's bankruptcy 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 connection with improper trading of certain fixed income securities. And given the strains in the print-media business, the strong price of the debt is difficult to explain, traders say. New Jersey hedge fund, founder settle SEC charges over improper trades The announcement, which signals an end to 163 years of family ownership, underlines the growing influence of the finance industry on American newspapers. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The firms assets have doubled in the past three years. Chatham took a financial interest in McClatchy not long after its financial troubles began. Something other than fundamentals are playing a huge factor in those bonds., In response to questions about the prices, Melchiorre sent a statement through a representative: We have tremendous conviction in our fundamental thesis on late stage media consolidation in North America and competitors are free to express opposing views..

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