Hedge Fund Clearly Planning One Hell of a Fourth of July Throwdown

That's because New York-based hedge fund GSO Capital Partners LP announced this morning it's spending about $1.1 billion to buy Dallas-based Reddy Ice. And stockholders in Reddy Ice stand to make a decent haul from the buyout: Says the comapny's release, they'll cool down with $31.25 per share in cash for each common share, which is well over the June 29 closing share price of $28.52. And that's after Reddy lowered its income projection for the year, based on, ya know, bad weather. But the party people always need their bag o' ice, no matter a little sprinkle. --Robert Wilonsky

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