HBK will be Halcyon IPO winner


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