Andrew Ross Sorkin reports that the bukkake party is officially over. A year after Fortress Investment Group’s HISTORIC!!!! IPO, which lifted off at the high end price of $18.50 and proceeded to rocket out of the gates with a debut on the market at $35, the hedge fund/private equity firm has fallen to $13.64 (if you’re not too saddened by the notion of Fortress no longer the splooge-fest it once was, take a few seconds to try and spot DealBook’s math error*). FIG’s quarterly profit dropped 74 percent, with revenue declining 54 percent to $177 million (specifically, the firm’s pe funds, publicly traded investment vehicles, liquid hedge funds and hybrid hedge funds plummetd 64 percent, 33 percent, 50 percent and 93.5 percent, respectively). In more uplifting news, Fortress is rumored to be considering listing on the Tokyo stock exchange, where FIG CEO Wesley Edens has heard the business community is much more likely to have large numbers line up to buy shares on one’s face.
Fortress Falls on Yet Another Drop in Profits [DealBook]
*the answer [GP]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
There’s a whole lot of odd projection and imagery going with this post,Bess.Are you trying to tell about some deep hidden yearning of yours?
@3:05 there’s no projection in this post, she’s merely continuing a joke she started when fortress went public. try and keep up.
I’d buy some shares all over Bess’s face.
“Buy shares on my face” is like Dealbreaker’s My Sharona.
The rest of the record is posts on the rice market by Carney, and nobody listens to that shit.
I checked FIG’s chart, and it looks to me like they “Lifted Off” at the High End of $35.00 back in Feb’07, and they haven’t gone anywhere but down since.
Bro-Ham
he’s using the wrong denominator. they’ve fallen 26%, not 56%.
“Hi, I run a company whose entire business model is to take a piece of crap, pretend to fix it, then sell it for a higher price than I paid for it.”
Hmm, hi…
“Wanna buy some shares?”
Sure, why not?
(Sploooooogge)