B. Riley Asset Management Acquires Rights to Manage Dialectic Hedge Funds
- Press Release
I, Ian Corydon , certify that this report reflects my personal beliefs about this company and that no portion of my compensation was, is or will be directly or indirectly related to the specific recommendations or views discussed in this report.
Initiated Coverage on 06/19/2015 with a Buy Rating and a Price Target of $14.00
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A-Mark’s predecessor company, Spectrum Group International, was involved with a legal investigation by US and Spanish authorities in 2006 relating to Spectrum’s prior parent company. After investigations by US securities authorities, the company was cleared of any wrongdoing. Spanish authorities have not yet concluded the investigations, per our research. Under Spanish law, if any of the former officers or directors of SGI or its subsidiary were ultimately found guilty, then, under the principle of secondary civil liability, SGI could be held liable for certain associated damages. If that were the case, SGI creditors may allege that SGI was insolvent at the time of the distribution of A-Mark shares, or was rendered insolvent as a result of the distribution, such that the distribution constituted a fraudulent conveyance, and such creditors could seek to recover the A-Mark shares distributed in the spinoff or their value.