Murchinson Ltd., a fund previously indicted and convicted by the SEC for various unlawful and destructive behaviors is now seeking to take control of Nano Dimension, a leader in 3D printing technologies of electronic circuits, which also happens to be in possession of significant amounts of cash, at the blatant expense of Nano Dimension’s other shareholders.
In recent months the Canadian Murchinson Hedge Fund has shown questionable interest in Nano Dimension’s considerable assets, aiming to harm shareholder interests by breaking it up and taking the spoils. The fund, under the management of Marc Bistricer, had engaged in a series of confrontations
and investigations with the regulators in and the USA, the catalyst for which was a huge investigation by the American SEC into an investment in the Greek company DryShips. Murchinson’s conduct in the case of the Greek company, exposes the manner in which the fund operates, and the destruction
that follows in its wake.
In 2016, the stock of a Greek shipping company called DryShips jumped 1,500% over 4 days. In the months that followed, the stock fell by 99.9%, erasing all gains. The jump in the share value was caused by the fund’s deliberate action. According to the SEC, the fund used various companies controlled by Bistricer to carry out hundreds of transactions in a stock that was allegedly held by a subsidiary of Murchinson when in fact it had not yet purchased them, i.e., short transactions on unowned shares .
According to the Wall Street Journal, the transactions were carried out through a hedge fund registered in the Virgin Islands named Kalani investments ltd. Bistricer carried out these transactions in coordination with the CFO of the shipping company, Anthony Kandilidis, who is the nephew of the controlling
owner of the company, Mr. George Economou. The purpose of these transactions was the purchase of a huge number of shares in order to refinance the ailing company .
The revelation that Bistricer and Murchison were behind the mysterious Kalani fund was met with surprise, as the market had assumed that Kalani was a private fund owned by businessman Economou, the owner of DryShips. Why would the market assume such a thing? In 2005, DryShips (DRYS) was listed
on Nasdaq, but “Cardiff Marine” which is privately owned by Economou owns 34% of DryShips and had been accused of running it as a private company, for the personal gain, allegedly, of its controlling shareholder at the expense of all others, destroying any shareholder value over the years through massive
shareholder stake dilution and dubious forms of financing. Economou himself was once awarded the dubious title of worst CEO in the world by investment magazines, including an article titled: “Worst CEO In the World“ DryShip’s CEO George Economou). Economou, according to reports, has also been under investigation by the SEC regarding questions raised regarding the company’s financial reports. Traders
and other financial professionals have warned against investing in companies managed by Economou, arguing that his business strategy is to buy assets personally and sell them to the public companies he manages for profit.
Nano Dimension is determined not to let interested parties reach into its
cash reserve
In the last two years, Nano Dimension has raised approximately $1.5B, which according to the company’s strategic plan, to the funds were earmarked for acquiring technology companies that develop complementary technology to the company’s core business, which will ensure its continued development in an accelerated manner. The company is assuming that the economic situation in 2023 will lead to purchase opportunities at more favorable prices than in the past. However, while the opportunities are being identified, studied, and negotiated, Nano Dimension’s primary mission is to continue the accelerated growth of its existing business and, importantly, protecting its investors and shareholders from gold-digging players, i.e., Bistricer and Murchinson.
