| WHEN: TODAY, FRIDAY, APRIL 26TH WHERE: CNBC'S "SQUAWK ON THE STREET" Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC. |
|
|
| KATE KELLY: SAC CAPITAL THE EMBATTLED HEDGE FUND FACING CONTINUING LEGAL HEADWINDS HAS OFFERED INVESTORS FOR THE SECOND TIME HERE A CHANCE TO FACE MORE RELAXED CONDITIONS FOR REDEEMING ALL OF THEIR CAPITAL FROM THE FIRM WHEREAS IN THE PAST INVESTORS COULD ONLY GET THEIR CAPITAL BACK OVER THE COURSE OF A YEAR WITH 25% OF THEIR CAPITAL PER QUARTER THAT THEN WENT TO 33% OVER THREE QUARTERS. IT WILL NOW BE 50% IN TWO QUARTERS SO IN OTHER WORDS SAC IS OFFERING INVESTORS AN EASIER WAY TO STAY WITHIN THE FIRM AND STILL GET THEIR MONEY BACK RELATIVELY QUICKLY IF THEY CHOOSE THE REDEEM. THIS OF COURSE COMES AFTER THE $15 BILLION HEDGE FUND LOST $1.7 BILLION OF INVESTOR CAPITAL IN THE FIRST QUARTER AFTER LEGAL ISSUES CONTINUED TO SURFACE AROUND QUESTIONS OF POSSIBLE INSIDER TRADING AT THE FIRM AND WHETHER OR NOT FOUNDER STEVE COHEN, SIMON, WAS PERSONALLY INVOLVED OR NOT. |
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/