Is Sailfish Sinking?

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Sailfish Capital Partners is blowing up, according to the hedge fund experts at FinAlternatives. Yesterday the traders at the Stamford based fund were ordered to begin liquidating its entire portfolio as quickly as possible.
The trouble began when the two partners, Mark Fishman and Sal Naro, got into a shouting match yesterday. At the conclusion of the argument, they ordered the traders to start reeling in their positions.
“They told everyone to start selling their positions, to liquidate,” a source tells FinAlt. “It’s basically blowing up. Everyone is sending out their resumes. They want out. It’s basically mayhem.”
A spokesman for Sailfish dismissed the notion that there was a fight, describing the event as a “discussion.”
Redemptions are due tomorrow, and many investors are reportedly taking advantage of this date to pull their money. The fund saw major redemptions in October. It has been plagued by rumors of an implosion and employee dissatisfaction for several weeks.
Traders At Hedge Fund Sailfish Ordered To Liquidate Positions [FinAlternatives]

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    Comments (28)

    1. 1
      Posted by Ben_H | January 30, 2008 at 2:06 PM

      They started with an allocation from SAC, as I understand it. I heard that this was locked up for something like 18 months, which lapsed mid-07, at which point SAC pulled its money.

    2. 2
      Posted by Anonymous | January 30, 2008 at 2:13 PM

      And Iraq is just a “misunderstanding”… Nothing to worry about, nothing to see, move along.

    3. 3
      Posted by Anonymous | January 30, 2008 at 2:15 PM

      “discussion” my ass…

    4. 4
      Posted by Anonymous | January 30, 2008 at 2:18 PM

      50 bps baby.

    5. 5
      Posted by Anal_yst | January 30, 2008 at 2:19 PM

      Helicopter Ben Saves the Day?
      f@ck

    6. 6
      Posted by NSD | January 30, 2008 at 2:23 PM

      Once his tenure is done, Ben has a bright future as a magician. His best trick is when he turns $100 bills into Charmin.

    7. 7
      Posted by Anonymous | January 30, 2008 at 2:27 PM

      nice

    8. 8
      Posted by Anonymous | January 30, 2008 at 2:29 PM

      Ron Paul should be elected president and disband the fed

    9. 9
      Posted by anonymous | January 30, 2008 at 2:32 PM

      50bps? Ironic, because Ben Bernanke has as much cred as 50 cent right about now? At least that is what my dollar is worth in real terms. Whats the point of having a FOMC when Wall Street dictates what the Fed is going to do anyway.

    10. 10
      Posted by Anonymous | January 30, 2008 at 2:36 PM

      I’m usually a staunch defender of Joe Carney’s posts but this one is awful. It is filled with puns. “traders to start reeling in their positions”

    11. 11
      Posted by The Fisherman | January 30, 2008 at 2:39 PM

      Actually, I disagree. The liberal use of puns make me feel alive.

    12. 12
      Posted by The Fisherman | January 30, 2008 at 2:42 PM

      Actually, I disagree. The liberal use of puns make me feel alive.

    13. 13
      Posted by The Fisherman | January 30, 2008 at 2:42 PM

      Actually, I disagree. The liberal use of puns make me feel alive.

    14. 14
      Posted by Overkill | January 30, 2008 at 3:08 PM

      does posting the same thing three times also make you feel alive?

    15. 15
      Posted by Anonymous | January 30, 2008 at 3:22 PM

      Fisher of men,
      Ignore the haters, best post of the day day day.

    16. 16
      Posted by mrpink | January 30, 2008 at 3:25 PM

      douchebags.

    17. 17
      Posted by 36th Chamber | January 30, 2008 at 3:26 PM

      Wait, don’t fish go belly up rather than sinking?

    18. 18
      Posted by Anonymous | January 30, 2008 at 3:27 PM

      There was an article on bloomberg almost two weeks ago talking about Sailfish’s AUM getting sliced in half due to losses and redemptions.

    19. 19
      Posted by Ahab | January 30, 2008 at 3:55 PM

      Only 1 fish pun? I guess 2 counting the title. I expect better. Have Bess redo this post.

    20. 20
      Posted by Yo! | January 30, 2008 at 3:59 PM

      I’m posting just for the halibut. I really have no porpoise.

    21. 21
      Posted by isiah | January 30, 2008 at 4:10 PM

      Yo! = 179

    22. 22
      Posted by Anonymous | January 30, 2008 at 4:19 PM

      Something smells FISHY at that fund. What were the NET returns?

    23. 23
      Posted by Brian Hunter | January 30, 2008 at 4:42 PM

      Only a man experienced with working a rod can tame the mighty Sailfish!

    24. 24
      Posted by Anonymous | January 30, 2008 at 5:03 PM

      I hope you all get laid off today.

    25. 25
      Posted by Ahab | January 30, 2008 at 6:00 PM

      Thanks guys, I needed that.

    26. 26
      Posted by Anonymous | January 30, 2008 at 9:19 PM

      “Mark Fishman and Sal Naro got into a shouting match”
      In other news, the sun rises in the East, and Carney’s posts make us miss Bess even more.

    27. 27
      Posted by Anonymous | January 31, 2008 at 8:34 AM

      Wait a minute:
      Redemptions are due tomorrow…
      “Redemptions that are required are based on requests that were put in on Oct. 31,” said the spokesman, explaining that the fund has quarterly withdrawals with 60 days noticed, so the redemptions were not sudden or unexpected.
      Doesn’t this mean that the Oct 31 redemptions were due around year-end ? Not sudden or unexpected but just overdue. Somthing is FISHY.

    28. 28
      Posted by handex | January 31, 2008 at 9:55 AM

      Will he merge with Pirate Pete?
      What will the name of the new entity be?

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