GAM to Bolton-daughter Fund: ‘I Said I loved you…but I lied’

Posted by Bess Levin, Jul 19, 2007, 2:53pm

T-Shirt_jpg-409x218.jpgWith a recent bout of genius investors pulling out of Tom Hudson’s fund, Pirate Capital is down to $400 million in assets, from nearly $2 billion in 2006. London-based GAM pulled $300 million from the sinking ship last month, Naked Shorts reports, and was in good company with a bunch of smaller investors taking their money and running from a fund that employs Michael’s Bolton’s daughter in the increasingly irrelevant role of “investor relations.” Hedge Fund Alert speculated that GAM was troubled by “its size relative to Pirate’s capital base,” while Naked Shorts believes the pull-out had more to do with ideological differences between a “highly-regarded investor” and a low-rent circus clown partial to selling t-shirts out of the back of his car ship.

Yo ho ho and a bottle... [NakedShorts]

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Posted by Anon #2, Jul 19, 2007 3:39PM

I wore my t-shirt to the beach this weekend in Norwalk. No one said a word to me.

Posted by So happy I am not invested anymore, Jul 19, 2007 5:41PM

I hope he is paying the people at Pirate a bountiful booty because the longer they stay the worse it will be .... he will never pay them after 2007.
How would you like to be their new marketing guy raising money and calling potential investors or Ms Bolotin and Ms McEvoy speaking to current investors...
"yes, we have lost a lot of our assets and yes Mr. Hudson keeps firing people but things are still good over here and BCO and PBY, while they are the entire portfolio, are doing well. It is just like a Pirate ship here with all the employees terrified for their lives and livelihood, knowing that any second they will be told to "walk the plank". It si a great working environment and a great investment opportunity where you can give your money to us so that we can charge fees and simply line Mr Hudsons pockets because we are damn sure he won't be paying any of the analysts or others any money at all. Why pay them when you can just fire them!!"

Sure, someone is going to invest NEW money into a fund where a very talented team was treated like absolute dirt and now what is left is scared for their lives. On top of that $1.5 billion has walked out since September 1st of 2006.... Pretty amazing. I cannot believe I used to be an investor in this idiot.... I am glad I inherited the position and was not the one who put it on for our investment company or I would be a dead man.

Oh ... I almost forgot.. I wonder who is going to go on the fishing trip they that are planning on having "in true Pirate spirit". Prizes for first catch, biggest, and most catches. It will be a simply a few Pirates on the boat worried if Tom will finally lose his marbles and push everyone over the side.

Posted by So happy I am not invested anymore, Jul 19, 2007 5:42PM

I hope he is paying the people at Pirate a bountiful booty because the longer they stay the worse it will be .... he will never pay them after 2007.
How would you like to be their new marketing guy raising money and calling potential investors or Ms Bolotin and Ms McEvoy speaking to current investors...
"yes, we have lost a lot of our assets and yes Mr. Hudson keeps firing people but things are still good over here and BCO and PBY, while they are the entire portfolio, are doing well. It is just like a Pirate ship here with all the employees terrified for their lives and livelihood, knowing that any second they will be told to "walk the plank". It si a great working environment and a great investment opportunity where you can give your money to us so that we can charge fees and simply line Mr Hudsons pockets because we are damn sure he won't be paying any of the analysts or others any money at all. Why pay them when you can just fire them!!"

Sure, someone is going to invest NEW money into a fund where a very talented team was treated like absolute dirt and now what is left is scared for their lives. On top of that $1.5 billion has walked out since September 1st of 2006.... Pretty amazing. I cannot believe I used to be an investor in this idiot.... I am glad I inherited the position and was not the one who put it on for our investment company or I would be a dead man.

Oh ... I almost forgot.. I wonder who is going to go on the fishing trip they that are planning on having "in true Pirate spirit". Prizes for first catch, biggest, and most catches. It will be a simply a few Pirates on the boat worried if Tom will finally lose his marbles and push everyone over the side.

Posted by Former Eye-Patch Wearing Joker, Jul 20, 2007 3:33AM

My girlfriend told me if I had any further contact with that man I was done. When asked if I could work for him if he paid me $2mm upfront for a year she quickly responded by no and don't ask me for help when he stabs you in the back. The whole thing about TH is that he spreads a vicious disease of asshole-ness. In fact, I have taken Pirate off of my resume, sick of the guys at Goldman asking me about it and snickering.

Posted by former pirate, Jul 20, 2007 9:09AM

eye patch - not sure who you are, but I fully agree that not only is Tom an asshole - he's a contagious asshole. Literally started at Pirate a nice guy, left a jerk, and it took a long time for that to wear off. T is certainly 1 in 200 million in a lot of ways.

Posted by Former Eye-Patch Wearing Joker, Jul 20, 2007 9:20AM

I get the feeling I know you who are, but for those of you reading, we can't reveal our names because "Tommy Do Nothing Other Than Overweight Famous Peoples' Daughters" (it was off the cuff) would file a lawsuit for slander. How telling the truth can be slander is beyond me, damn attorneys....

Posted by former pirate, Jul 20, 2007 9:58AM

looking back, i think it's so coincidental, and comparably hysterical, that of all of the hedge funds in the world I could have applied to, I decided to write to Tom. between the name of the fund, the killer fish aquarium, the sadistic interviewing methods, the dress code (tie with no jacket?), the hours, and the caricature of gordan gecko that was tom hudson at his peak, i probably should have seen this coming.... though in reality I didn't call the blow-up until he told investors, in reference to WLT, that he would "see them at 80" because some dick sell side analyst slapped a giant p/e multiple on it.

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