Solengo Capital—the commodities hedge fund long rumored to be under works by former Amaranth energy trader Brian Hunter—is alive, according to this promotional brochure DealBreaker obtained this afternoon. You can download it here. A quick read of the brochure—we literally received it just moments ago—reveals that it is heavy with former Amaranth employees. Of the five biographical sketches, four held their last positions at Amaranth, according to the biographies.

Hunter gained widespread notoriety after his bets on natural gas futures helped cause a meltdown at Amaranth. His quick return to the energy trading business—surrounded by former Amaranth collegues—has surprised some. Others found this comeback inevitable.

“Brian had a very good reputation. He was highly sought after,” one industry insider said. “It’s not surprising he could find people willing to give him money again. What happened at Amaranth was a rare, one-off loss that hardly erases the hundres of millions he made for people over the years."

Solengo Capital—named after an Italian wine for reasons the fund’s managers have refused to divulge—says it will aim to capture “intellectual capital” by hiring the best portfolio managers.

“To do this, Solengo will offer perhaps the most attractive work environment in the hedge fund world,” the brochure state. “Solengo passes on up to 1/2 of the management fees to the portfolio manager. Initially this means the fund manager receives up to 1% of capital and 20% of profits.”

Of course, many readers will probably find that a risible notion. "Of course it's a one-off event," one wrote to DealBreaker anonymously. "Would you let me lose billions of your money twice?" The word on the street, however, is that Hunter has already raised $700 million, which means that some people may have answered "yes" to that question.

The brochure states that Solengo will have the two-and-twenty fee structure common among hedge funds, with Solengo collecting a 2% management fee on all assets under management and 20% of the profits.

Download Solengo Capital brochure[pdf]

Update: More reactions from Naked Shorts and Alphaville.