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Thomas Kirchner
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Latest Activity

Thomas Kirchner added a blog post
We live in an era of bumps in merger payments that the buyer thought had been negotiated, and Google (GOOG) is about learn this the hard way in its $106 million acquisition of On2 Technologies (ONT). As the stock market continues to rally shareholde…
December 8, 2009
Thomas Kirchner and Serena Carter are now friends
December 6, 2009
Thomas Kirchner added a blog post
The extent to which the buyout of American Community Properties Trust (APO) by Federal Capital Partners is flawed was revealed in the company's recent proxy filing. One of the unhappy shareholders, Paul J. Isaac, was given the opportunity to continu…
November 30, 2009
Thomas Kirchner added a blog post
ETFs have been encroaching the turf of active managers for some time and are now taking head on hedge funds. The promise of hedge funds at ETF costs is very appealing but raises the inevitable question: can they do it? The upcoming IQ Arb Merger Arb…
November 10, 2009
Thomas Kirchner added a blog post
Survivorship and backfill bias in hedge fund returns have been written about extensively. A recent article in Hedge Fund Alert drew out attention to yet another problem with the reporting of hedge fund returns. It turns out that last year's carnage…
November 3, 2009
Thomas Kirchner and Jahn-Erich Karrenbauer are now friends
October 27, 2009
Thomas Kirchner added a blog post
It is doubtful that the buyout of the Hiland MLP (HLND and HPGP) by billionaire Harold Hamm will get sufficient votes at Tuesday's shareholder meeting. This is already the second meeting after the Otober 20 meeting was adjourned when only 43% of the…
October 26, 2009
Thomas Kirchner and Russell Adler are now friends
October 25, 2009

Profile Information

First Name
Thomas
Last Name
Kirchner
Job Title
President & Portfolio Manager
Company
Pennsylvania Avenue Funds
Type of Business
Other
If Type of Business is "Other", please describe
Merger Arbitrage Investor
Transaction Size "Sweet Spot" (USD)
Lower Middle-Market ($10 mm - $100 mm), Middle-Market ($100 mm - $500 mm)
City
Brooklyn
State
NY
Country
U.S.A.
About Me (Company description, Biography, Services I provide):
Our fund, ticker PAEDX, invests in corporate 'events', such as mergers, reorganizations, bankruptcies or proxy fights. Merger arbitrage with a focus on small and micro cap deals is one of our primary investment strategies. http://www.PAfunds.com
Network with Me (Types of transactions I seek, Professionals I like to be referred):
Looking for ideas in distressed debt or merger arbitrage.

Visit my blog, The Deal Sleuth, at http://thedealsleuth.wordpress.com/

Thomas Kirchner's Videos

Thomas Kirchner's Blog

Thomas Kirchner

Google's On2 Technologies Acquisition Is At The Mercy Of Merger Arbitrageurs

We live in an era of bumps in merger payments that the buyer thought had been negotiated, and Google (GOOG) is about learn this the hard way in its $106 million acquisition of On2 Technologies (… Continue

Posted on December 8, 2009 at 10:31pm —

Thomas Kirchner

Paul J. Isaac's Conflicted Role In American Community Properties Trust Buyout

The extent to which the buyout of American Community Properties Trust (APO) by Federal Capital Partners is flawed was revealed in the company's recent proxy filing. One of the unhappy shareholders, Paul J. Isaac, was given the opportunity to continue to own ACPT even after the buyout. The other shareholders will forgo the opportu… Continue

Posted on November 30, 2009 at 1:54pm —

Thomas Kirchner

Where's The Arbitrage In The New Merger Arbitrage ETF?

ETFs have been encroaching the turf of active managers for some time and are now taking head on hedge funds. The promise of hedge funds at ETF costs is very appealing but raises the inevitable question: can they do it? The upcoming IQ Arb Merger Arbitrage ETF (ticker will be MNA) is an example of one that is likely to fail.

The first thought is, of course, you get what you pay for. If this line of thinking has some validity, then alpha-generating talent is well worth paying 2/20 for. The counte… Continue

Posted on November 10, 2009 at 1:30am —

Thomas Kirchner

High Water Marks Bring Yet Another Bias To Hedge Fund Returns

Survivorship and backfill bias in hedge fund returns have been written about extensively. A recent article in Hedge Fund Alert drew out attention to yet another problem with the reporting of hedge fund returns. It turns out that last year's carnage has left so many hedge funds underwater that the returns posted for this year are not actually what you will earn if you are a new investor.

Hedge… Continue

Posted on November 3, 2009 at 9:11am —

Thomas Kirchner

Harold Hamm's Hiland Buyout Has Upside

Hiland PartnersIt is doubtful that the buyout of the Hiland MLP (HLND… Continue

Posted on October 26, 2009 at 12:27am —

Comment Wall (3 comments)

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At 3:38pm on October 25, 2009, Russell Adler said…
do you buy restricted stock, public co, discount
At 4:34pm on November 14, 2008, Sanford said…
I am the CEO of an OTCBB Shell. Perfectly Clean. 100% Deliverable.
If interested email me at shjb111@tampabay.rr.com
At 1:02pm on June 25, 2008, Warrick Morgan said…
If current stock price is below it's net cash (after All debt and obligations considered) it might be a great entry point.

Hope the deal arbitrage business has been good to you... Would you work alongside a hedge fund that was seeking to influence a target company via board memberships, shareholder proposals, etc.??

I've got an activist themed HF hoping to launch and hope to collaborate with other like-minded funds.

r.
wmorgan@atlantamergers.com
 
 
 

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