Business Services Industry
Salton, investor get grilled; Activist holder makes loud exit; stock is fried.(Markets)
Crain's Chicago Business, May, 2005 by Jargon, Julie
Byline: JULIE JARGON Daniel Loeb, the activist investor who's been trying to oust Salton Inc.'s CEO and make him accountable for the appliance maker's slumping sales and stock price, has dumped his 6% stake in the company. The aborted investment in Salton turned out to be a costly move for a hedge fund manager who, just last fall, was betting that the Lake Forest-based maker of George Foreman grills and other small appliances could rebound from its losses and refinance $125 million in bonds coming due in December.
When Mr. Loeb, head of New York-based Third Point Management Co. LLC, acquired 900,000 Salton shares in September, the stock was trading above $6; when he sold the last of his shares last month, it was trading between $1.25 and $1.60. "I...
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