Hasta La Creative!

After 16 years as chief financial officer of Omnicom, Randy Weisenburger left the agency services holding company last September to start his hedge fund, Mile 26. But he hasn’t completely ditched the ad business. Mr. Weisenburger recently spent more than $5 million on shares of MDC Partners, amid news in April that the SEC had been investigating MDC’s accounting practices, trading and former CEO Miles Nadal’s expenses.

Mr. Weisenburger pounced shortly after news of the investigation broke. That news initially sent MDC stock from $28 to a low of $18. He made another investment for an undisclosed amount this month, after the company announced that Mr. Nadal, along with MDC’s Chief Accounting Officer would retire and pay expense reimbursements amid the investigation.

“I don’t think any issues raised by the SEC have anything to do with the operating company itself,” said Mr. Weisenburger. “Underlying agencies are what’s fundamentally driving the business. None of the SEC inquiries have to do with the way the company operates, its clients or its underlying businesses. Many seem to be performing well in the marketplace. On that basis, I made the investment. I just felt the market probably overreacted.”

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