Fir Tree was founded in 1994 and is a New York based private investment firm that invests worldwide in public and private companies, real estate and sovereign debt. Fir Tree manages assets on behalf of leading endowments, foundations, pension funds and sovereign wealth funds. Where shareholder engagement could be value-accretive for its investors, Fir Tree follows a Positive Activism® approach in creating, not just identifying, value.

Fir Tree Portfolio Company Quotes on Positive Activism®

  • AES Corporation (AES: NYSE)

    "I have always appreciated Fir Tree's thoughtful advice, which we took into consideration when we adopted a new capital allocation strategy when I was named CEO of the AES Corporation in September of 2011."

    Andres Gluski, President and CEO

  • Capmark Financial Group Inc. (CPMK: OTC US)

    “The Fir Tree team has been a value-add creditor. They participated in numerous settlement negotiations throughout the restructuring process which facilitated the company’s success post emergence.”

    Bill Gallagher, President and CEO

  • CIT Group Inc. (CIT: NYSE)

    "Fir Tree was a constructive voice in a complex and challenging restructuring."

    Jeffrey Peek, former Chief Executive Officer

  • Echelon International Corp (formerly EIN: NYSE)

    "Fir Tree asked if I would serve on the board to Echelon, a real estate development company located in Florida. Working with management, substantial value was created and the company was sold profitably to a third-party."

    Stephen Blank, former Fir Tree representative to Echelon Board of Directors

  • Encore Acquisition Co. (formerly EAC: NASDAQ)

    "Owning nearly 10% of Encore Acquisition at the time, Fir Tree supported us on a number of strategic fronts including a shareholder repurchase plan and MLP formation for our long lived assets that created tremendous shareholder value."

    Jonny Brumley, Chief Executive Officer

  • FGIC Corporation

    "Fir Tree led the ad hoc group of investors in FGIC insured bonds through an innovative restructuring over the last three years that will likely serve as a blueprint for the industry going forward. The rehabilitation plan was a 'win-win' for all parties and Fir Tree was a valued partner to our management team."

    John S. Dubel, Chief Executive Officer

  • Lehman Brothers (formerly LEH: NYSE)

    Fir Tree helped design and lead an innovative board design and selection process for what is now the largest bankruptcy in history. Incentives were put in place to align interests and empower the board to increase the overall value of the estate on an expedited basis. 

    Fir Tree, a hedge-fund creditor that helped select the directors, said in statement that it tried to "attract best in class directors who will work to maximize value" for Lehman creditors. Fir Tree said it looked for people who are "highly respected in a range of critical areas, including real estate, derivatives, private equity and restructuring." Wall Street Journal, December 5, 2011

    Lehman says its "active board" approach resembles a private equity board and says its new directors were recruited to work closely with the team that has been managing its still considerable real-estate holdings.…"Given the highly results-oriented nature of this compensation package, …I would say this is an eminently reasonable package and likely to deliver more value to debtors…," said Paul Hodgson, compensation expert at GMI Ratings. Dow Jones, March 19, 2012

  • Nextel Communications (formerly NXTL: NASDAQ)

    “Fir Tree approached Nextel with an inventive debt for equity swap that greatly improved our company’s financial strength."

    Dennis Weibling, former Chief Executive Officer

  • Plains Exploration & Production Company (formerly PXP: NYSE)

    "As a large owner of our company in 2007, through a series of constructive dialogues, we worked with Fir Tree on a shareholder value creation program that was implemented following a large company acquisition."

    James Flores, Chief Executive Officer

  • Powerhouse Technologies, Inc. (formerly PWRH: NASDAQ)

    "Fir Tree’s long term view and support of my management team was a critical component of our successful turnaround. It was refreshing to have a major investor with both highly constructive ideas and a long term view."

    Richard Haddrill, Chairman of the Board and former Chief Executive Officer

  • R.H. Donnelly Corp (formerly RHD: NYSE)

    "In 2000 I was appointed to the RH Donnelley board as Fir Tree’s representative. At the time Donnelley was the largest yellow page business in the US and it had recently been spun off from its parent company, Dun & Bradstreet. This was a time when the Internet began to emerge as a game changing technological threat and so my focus for value creation centered on tech initiatives and ensuring that capital allocation was done to maximize shareholder value."

    Darius Gaskins, former Fir Tree representative to RH Donnelly Board of Directors

  • Rite Aid Corporation (RAD: NYSE)

    "I first met the Fir Tree team when they were large holders of Rite-Aid debt and they approached me with an innovative debt-for-equity swap proposal. We ended up completing many debt-for-equity swaps with Fir Tree which both helped us deleverage and provided us with the financial flexibility to grow our business."

    Dave Jessick, former Chief Financial Officer

  • Syncora Guarantee Inc. (SYCRF: OTC US)

    "We have worked with Fir Tree on a number of inventive restructuring transactions for us, and they have been a good partner. They provided constructive support to our management team and were quick to commit large sums of capital to complex deals."

    Claude LeBlanc, Chief Restructuring Officer

  • The Official Information Company (formerly TCM: NYSE)

    “The principals at Fir Tree were instrumental partners in the growth and development of The Official Information Company. Their smart and constructive advice helped us develop, finance and execute a growth plan that created five separate operating businesses which were later sold in multiple value-enhancing transactions on behalf of our shareholders.”

    Ian Thomas, former Chief Executive Officer

  • W.P. Carey Inc. (WPC: NYSE)

    "Fir Tree's meaningful suggestions regarding our dividend policy and information disclosures were enormously helpful. We believe they significantly enhanced shareholder value."

    Trevor Bond, Chief Executive Officer

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