Group Holdings Inc.正要求联邦法院下令，让卡尔·伊坎的公司及另一家对冲基金放弃其在针对Silver Lake以250亿美元收购该公司的套利押注中所获的任何利润，这是围绕该交易日益激烈的法律斗争中的最新举措。
Group Holdings Inc. is asking a federal court to order Carl Icahn’s company and another hedge fund to give up any profits they make on arbitrage bets challenging its $25 billion buyout by Silver Lake, the latest move in an escalating legal fight over the deal.
Endeavor的诉讼是对一种投资者策略的回应：这些投资者购买被收购公司的股份，然后通过诉讼争取更高价格。伊坎企业及其他对冲基金在Silver Lake宣布以每股27.50美元收购Endeavor股份的交易后，购买了Endeavor股票。
Endeavor’s lawsuit is in response to a strategy employed by investors that buy shares in a company that is being acquired and then use litigation to get a higher price. Icahn Enterprises and other hedge funds bought Endeavor stock after Silver Lake announced a deal to pay $27.50 each for shares of the company.
伊坎正在牵头一项在特拉华州提起的拟集体诉讼，指控Endeavor高管和董事违反受托责任，该交易损害了少数投资者的利益。在另一起诉讼中，几家对冲基金请求特拉华州法官以更高价格评估其股份，即所谓的评估诉讼。
Icahn is co-leading a proposed class-action filed in Delaware claiming Endeavor executives and directors breached their fiduciary duties with a deal that hurt minority investors. In a second suit, several hedge funds asked a Delaware judge to value their shares at a higher price in a so-called appraisal action.
Endeavor于周三在纽约联邦法院提起的诉讼，要求迫使伊坎的公司和Troluce Capital Advisors（据称在评估挑战中投资了近10亿美元）放弃其在特拉华州法律诉讼中所获的任何利润。
Endeavor’s lawsuit, filed Wednesday in federal court in New York, is seeking to force Icahn’s firm and Troluce Capital Advisors, which it says invested close to $1 billion in the appraisal challenge, to disgorge any profits that result from their Delaware legal fights.
“本案涉及世界上最精明的一些活跃对冲基金协调的计划，旨在在待进行的私有化合并期间囤积大量Endeavor股票，并通过行使对与交易相关的评估和受托诉讼的控制权，超越合并价格获取价值，”Endeavor的律师在诉讼中写道。
“This case concerns a coordinated scheme by some of the world’s most sophisticated activist hedge funds to amass an enormous block of Endeavor stock during a pending take-private merger and use it to extract value beyond the merger price through exercising control over deal-related appraisal and fiduciary litigation,” attorneys for Endeavor wrote in their lawsuit.
伊坎企业和Troluce Capital的代表目前无法立即置评。
Representatives for Icahn Enterprises and Troluce Capital couldn’t be immediately reached for comment.
Endeavor认为，伊坎和Troluce受一项联邦规则约束，该规则要求内部人员如果在六个月内买卖股份，必须放弃所得收益。所谓的短线交易收益规定通常用于防止拥有非公开信息的内部人员通过短期交易不当获利。
Endeavor argues that Icahn and Troluce are subject to a federal rule requiring insiders to forfeit proceeds if they purchase and sell their shares within six months. The so-called short-swing profit regulation is typically wielded to prevent insiders with access to non-public information from unfairly benefiting through short-term trades.
对恩德弗收购案的挑战引发了对对冲基金“评估套利”策略的反对，该策略是对冲基金在交易宣布后买入股份，然后起诉要求更高价格。去年特拉华州公司法改革后，这一手法卷土重来，该改革使少数股东更难挑战内部交易。
The challenge to the Endeavor buyout has led to a backlash against the appraisal arbitrage strategy by hedge funds, which buy shares after a deal is announced and then sue to demand a higher price. The maneuver made a comeback after an overhaul of Delaware corporate law last year that made it more difficult for minority shareholders to contest insider deals.
银湖资本和恩德弗上个月已在特拉华州起诉了伊坎企业及其他投资公司，投资者之间的串谋指控在此案中浮出水面。
Silver Lake and Endeavor had already sued Icahn Enterprises and other investment firms in Delaware last month, where accusations of collusion by the investors surfaced.
在那起案件中，这些公司要求洛丽·威尔法官阻止投资者继续诉讼，因为他们是在交易宣布后才购买恩德弗股票的。此前，该法官已选定伊坎的公司和长期股东汉德斯银行基金公司共同领导集体诉讼。银湖资本和恩德弗指控对冲基金利用一项旨在保护在合并中被现金买断的受损长期股东的法律。
In that case, the firms asked Judge Lori Will to prevent the investors from pursuing litigation because they purchased Endeavor stock after the deal was announced. The judge had earlier selected Icahn’s firm and longer-term shareholder Handelsbanken Fonder AB to co-lead the class-action. Silver Lake and Endeavor accused the hedge funds of exploiting a law meant to protect aggrieved long-term shareholders that are cashed out in a merger.
特拉华州法院长期以来允许对冲基金采用这种套利策略，但这场斗争最终可能上诉至该州最高法院。伊坎已要求法官驳回诉讼，而其他被告也要求暂停案件。
Delaware courts have long let hedge funds pursue the arbitrage strategy, but it’s a fight that could eventually wind its way to the state’s top court. Icahn has asked the judge to toss the suit, while other defendants have also asked for a stay of the case.
恩德弗的律师在联邦诉讼中写道，特罗卢斯和其他人组建了一个包括伊坎及其他几个基金的团体。诉讼称，该团体成员“共享信息、协调交易策略、讨论大量恩德弗股票的市场定价，并就大量恩德弗股票、期权和律师费的价格进行谈判”。
Attorneys for Endeavor wrote in the federal suit that Troluce and others created a group that included Icahn and several other funds. The members “shared information, coordinated trading strategy, discussed market pricing for large blocks of Endeavor stock, and negotiated prices on blocks of Endeavor stock, options, and attorneys’ fees,” the suit alleges.
恩德弗的律师写道，伊坎的公司在短短三周内购买了2740万股恩德弗股票，其中许多是在最后一个交易日购买的，这使其承担了估计4000万美元的损失，作为“进入套利诉讼的入场券”。
Icahn’s firm purchased 27.4 million shares in Endeavor in just three weeks, with many on the last day of trading, which led it to absorb an estimated loss of $40 million “as the price of admission to arbitrage litigation,” attorneys for Endeavor wrote.
在这起联邦诉讼中，奋进集团表示，伊坎和特罗卢斯·内克瑟斯基金触发了短线交易利润规则，因为他们与其他参与评估案的对冲基金联手，购买了奋进集团超过20%的股份，超过了10%的持股门槛。该规则通常不适用于通过现金挤出合并进行的非自愿交易。奋进集团辩称，这些投资公司的操作并非非自愿行为，而是一种蓄意的套利策略，即在收购交割前的六个月内大量积累股份，以期通过诉讼获利。
In the federal suit, Endeavor said that Icahn and Troluce triggered the short-swing profit rule because they banded together with other hedge funds in the appraisal case to purchase more than 20% of Endeavor’s shares, past the 10% ownership threshold. The rule typically doesn’t apply to involuntary trades through a cash-out merger. Endeavor argued that the play by the investment firms wasn’t involuntary, but rather a deliberate arbitrage strategy to amass shares within six months of the buyout’s closing with an aim to profit through litigation.
“他们购买时知道，该并购将在六个月内以现金收购他们的股份，”奋进集团的律师写道。
“They purchased knowing that the merger would cash out their shares within six months,” attorneys for Endeavor wrote.
奋进集团还表示，保留将其认为违反了证券法的其他对冲基金加入起诉状的权利。
Endeavor also noted it was reserving its right to add other hedge funds to the complaint that it believes violated securities laws.
该案为奋进集团控股公司诉特罗卢斯·内克瑟斯基金有限合伙案，案号26-cv-9417，美国纽约南区联邦地区法院（福利广场）。
The case is Endeavor Group Holdings Inc. v. Troluce Nexus Fund LP, 26-cv-9417, US District Court, Southern District of New York (Foley Square).