Remember the good old days? You know, when hedge-funds were still an asset class? When they roamed the earth, masters of all they surveyed? Back when men were men and administrative assistants were scared? Back when a multi-billion dolalr hedge fund blow-up could be so shockingly boring that a mere two years later you barely remembered its name? When even the largest blow-up to that point hadn’t caused enough of a problem that talking heads had to repeatedly explain what a “counterparty” is. They see a distant memory, I know, but they happened. I have evidence. Like this articule in the New York Times on Amaranth and its counterparties.
Amaranth Advisors, the $9.2 billion hedge fund that collapsed in 2006, has moved closer to having its day in court with JPMorgan Chase.
Though a judge has granted JPMorgan’s motion to dismiss five of Amaranth’s legal claims against it, he ruled that one of Amaranth’s claims — that JPMorgan breached its client agreement in its role as Amaranth’s prime broker — can proceed, according to a decision filed electronically with the New York Supreme Court on Monday.
Amaranth and its founder, Nick Maounis, have alleged in court documents that JPMorgan unfairly used its power as the hedge fund’s prime broker to profit from bad bets Amaranth made on the natural-gas market.
Kids today, I tell you. No respect for anything. It’s getting so you can’t even take undue advantage of your prime brokerage agreement.
Amaranth Claim Against JPMorgan to Proceed [The New York Times]
Where’s Don Draper when you need him?
i hope they win. It will be a win for the little guy.
You just made me cough up water, Sire 2.
will this be televised live on judge judy?
Sure…I mean you can take Blackstone private for next to nothing….
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLJlaS1RLnPs&refer=home
“articule” = artichoke in a french person’s ass?
too frivolous; didn’t read
that too frivolous didn’t read comment is hilarious – no sarcasm intended
articule = article
check. thx.
4 – I’d watch her give a tough love judgement on this.
lol, btw did i tell u im gay lolololol
Too many typos, couldn’t read.
Is it better to have ran a hedge and blown it up than to never have had a hedge fund at all.
@13, How about running an actual “hedge” fund with positive results in this market, but worried about surviving anyway.
I just heard about a fund that received a redemption surge equal to 60% of their fund AUM yesterday alone because they did not have a freeze on redemption’s in place.
F of F managers are now liquidating positions in funds that are over performing because they are locked down in funds that are instituting freezes.
@14 Nothing new about that happens to Emerging Market equities every time there is a ‘flight to quality’ event too.