The difficult part of this entry is the admission that we actually visited CNN Money, but we can't help but pass on the lunacy that is an article that find silver lining in a failed $11 billion hedge fund because it invested $32 million in wind power.
Last year, after Tontine purchased 49% of the company, Miscor did a 1-25 reverse split, sending its stock to the $5 range. By mid-January however, the stock had shot up to over $16, giving the fund a handsome 300% return on its money.In short, the fund spent $32.5 million to acquire a commanding stake in a thinly-traded company that was worth about $98 million in under one year.
Please.
A collapsed hedge fund's overlooked wind wager [CNN Money Fortune Time Warner Kitchen Sink]
Posted by guest , Nov 19, 2008 3:15PM
First to hedge my bet
Posted by american bandersnatch , Nov 19, 2008 3:17PM
You heartless conservative bitch. Investing in alternative energy is a good thing regardless of the outcome. Screw fiduciary duty; the world needs non poluting energy regardless of the cost in dollars and birds.
Posted by guest , Nov 19, 2008 3:32PM
@2 dollars and birds...classic!
Posted by guest , Nov 19, 2008 3:38PM
@2...i hope you are joking. Otherwise you belong in a Mexican donkey show.
Idiots at CNN/Money...oh boy we made a few hundred mil but lost billions on other shit.
Posted by guest , Nov 19, 2008 3:38PM
Did they really name their fund co. after a scam or is their a Mr. Tontine somewhere?
Posted by Suits , Nov 19, 2008 3:39PM
Birds? Really? Do people still believe that? Eh, I guess a bunch of people believe the Earth is 6,000 years old, so anything's possible.
Posted by guest , Nov 19, 2008 3:40PM
He's a menace to himself and everything else in the air...
yes, birds too.
Posted by guest , Nov 19, 2008 3:44PM
Speaking of Mr.Greene, what did DB readers think of the latest Bond?
Honestly thought it was terrible.
Notre Dame Football Head Coach Charlie Weis says to wear green this week in the spirit of GE's green awareness.
GO IRISH!
Posted by guest , Nov 19, 2008 3:47PM
#6, What can you do - the world is full of retards. A bunch of people also believe that they can 'prevent' the earth from warming though it has been doing so since the last ice-age (was that 6000 years ago? So confusing!)
My engineering degree tells me that the solution is simple. We should invest federal funds in building air conditioners at American factories. We can then install and leave air-conditioners on all over the globe to cool it. Pluse hardly-working americans will get the much needed 'green' jobs. This is what the tax-payers are demanding their money be spent on.
Nancy Pelosi / Barney Frank / Herr Messiah where are you?
Posted by guest , Nov 19, 2008 3:48PM
#6, What can you do - the world is full of retards. A bunch of people also believe that they can 'prevent' the earth from warming though it has been doing so since the last ice-age (was that 6000 years ago? So confusing!)
My engineering degree tells me that the solution is simple. We should invest federal funds in building air conditioners at American factories. We can then install and leave air-conditioners on all over the globe to cool it. Pluse hardly-working americans will get the much needed 'green' jobs. This is what the tax-payers are demanding their money be spent on.
Nancy Pelosi / Barney Frank / Herr Messiah where are you?
Posted by guest , Nov 19, 2008 3:49PM
the fund is named after 17th century Italian banker Lorenzo de Tonti, who invented an annuity where several partners invest and receive annual dividends. As each investor dies off their share is credited to the remaining partners, leaving the last man alive with all the money. The name is a play on Gendell’s desire to be the “last investor standing.”
Posted by guest , Nov 19, 2008 3:56PM
#11 yeah but people started killing each other so they would be the last one....
Posted by guest , Nov 19, 2008 3:58PM
@11, the Tonti concept kind of like the system that Mr. Burns, Grandpa Simpson, and the other Flying Hellfish came up with to divide their plundered Nazi art.
And then everyone tried to kill eachother.
Posted by Clown Capital , Nov 19, 2008 4:02PM
Bessie,
On a more positive note:
WSJ: "Citigroup is down 24%."
Posted by guest , Nov 19, 2008 4:09PM
this isn't new, they sucked last year and there are tons of innacuracies in the fortune story
http://www.finalternatives.com/node/2382
Posted by guest , Nov 19, 2008 4:24PM
Well, sure the blind squirrel died of hunger, but hey, he did find an acorn that one time...
Posted by guest , Nov 19, 2008 5:04PM
-John Fraser, who accu8ssed him of being a cocksucker and perveyor of sickness?
-Going down on cock
-If you are a Christian, this is unacceptable and you will repent or burn in hell if you accept these anormal acts.
Posted by guest , Nov 20, 2008 10:10AM
Every new technology has a bust cycle. Money pours into it, some goes for a good purpose, then most gets squandered, and then the stock goes belly up. The tech company goes through bankruptsy under new management and a better business model comes out and they make their return at half the level when they first started.
Same old same old!
Wind Power is no different.