Kleinberg Kaplan

Strapped for cash after its acquisition of Filene’s Basement in 2009, clothing retailer Syms Corp. announced last week it is considering selling the company, but some of its biggest minority shareholders, including hedge fund and activist investor Esopus Creek Value Series Fund LP sees greater value in the potential sale of its valuable real estate, particularly around New York.

The guilty verdict for former hedge fund manager Raj Rajaratnam of 14 counts of conspiracy and securities fraud is consistent with the insider trading rules of the Securities and Exchange, which provide that a person is deemed to be trading "on the basis" of material non-public information if such person is aware of such information when making a trade.