HBK will be Halcyon IPO winner

Mon Mar 31, 2008



Pete Gallo

Halcyon Asset Management's plan to transform its $11.5 billion distressed-debt and multistrategy investment shop into a public company listed on the New York Stock Exchange is a deal that will reward a number of other hedge funds.

Halcyon announced that plan on March 13, with an IPO expected to follow in the third quarter. And there is a quirky twist to this private-to-public transformation that few may realize and that you will likely learn here first.

Hedge fund HBK Capital Management is positioned to make a killing on Halcyon's IPO gambit and in some ways may be getting the cream of the deal.

How so? Well, filings with the Securities and Exchange Commission show that HBK is the largest investor in a firm called Alternative Asset Management Acquisition Corporation, a special purpose acquisition...

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