phine958

Cornerstone’s Unauthorized Liquidation

It should be no surprise that Renaissance Technologies or any other Institutional investment companies/hedge funds have found Cornerstone and want to control it, after all Cornerstone has made money since the 1980s! It’s also in the nature of a hedge fund to want all of these two money making Cornerstone funds for they’re hedge fund clients. So they take over the Cornerstone board to do it and ram through a reverse share split. While it’s uncertain what the effects of a one for four or a one for two reverse share split would actually do for or to Renaissance Technologies it would serve Cornerstone itself nicely to have two-thirds of the original shares in their coffers to sell at even this reduced rate? With total net assets of $94730576.00 between the two Cornerstone funds the hedge fund could pick up two-thirds of the total shares for only a couple of dollars per share. Is this illegal- you bet! Is this what the FTC is looking for, I hope so? This is stealing shares of the Cornerstone funds from lesser share holders to benefit they’re hedge fund clients and that’s manipulating a fund. So what can be done to prevent this? Find your congressman or woman and e-mail him or her. Get on the Federal Trade Commission website and complain. New York has a Better Business Bureau go to BBBOnLine and complain, you’ll be referred to the proper agency! While in time Institutional investment companies may indeed take over Cornerstone as well as most of the CEFs around but they shouldn’t be allowed to steel them.




On Jul 30 07:30 PM kylesch wrote:

> They clearly state that they return capital[1], investors know what
> they're doing. I bet you can make a pretty penny by loaning shares
> of CRF to someone who wants to short it. Perhaps that's what Renaissance
> Technologies is doing with their large position.
>
> [1] www.businesswire.com/p...
>