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Steam coal company buying Magnetar unit

Magnetar Capital, an investment management firm based in Evanston, said on Monday that James River Coal Co. has entered into an agreement to purchase International Resource Partners LP, a metallurgical and steam coal company based in West Virginia. Get the full story »

Evanston’s Magnetar benefited from TALF

Hedge funds and investors whose bearish trades on housing helped them profit amid the credit crisis were among those that benefited from a U.S. government emergency rescue program to kick-start lending, according to Federal Reserve data released Wednesday.

That program, known as the Term Asset-Backed Securities Lending Facility, or TALF, and established during the financial crisis, provided low-cost loans from the Federal Reserve to investors buying bonds backed by student, auto and commercial-property loans and other assets. The program, which lasted from March 2009 until June 2010, was aimed at helping banks move loans off their books by repackaging them into bonds and selling them.

Funds managed or backed by Evanston-based Magnetar Capital, Tricadia Capital and FrontPoint Partners, which made large profits betting on a downturn in the U.S. housing market before the crisis, were among those who obtained low-cost loans from the Fed to buy securities, according to the Fed data. Get the full story »

SEC focusing on Magnetar in mortgage probe

From the Wall Street Journal | The Securities and Exchange Commission is focusing deals made by Illinois hedge fund Magnetar Capital in its investigation into collateralized-debt obligations, the complicated mortgage securities at the heart of the financial crisis, according to people familiar with the matter.