Activist takes aim at New Senior

• Reporting a 5.18% stake in New Senior (NYSE:SNR), John Levin's Levin Capital Strategies takes note of the dramatic underperformance of late of not just New Senior (SNR), but other Newcastle Investment (NCT) spinoffs, New Residential (NYSE:NRZ) and New Media (NYSE:NEWM).
• External management - in which Wes Eden and team at Fortress Investment (NYSE:FIG) get paid on size, but not necessarily performance - is at issue here, says Levin.
• "Setting targets for capital raising may or may not be helpful in getting Fortress’ stock price up, but it sends a terrible message to the shareholders of companies that are externally managed by Fortress."