Dear Investor

Posted by Bess Levin, Jan 07, 2009, 9:25am

We don't blame you if after seeing these numbers you wonder if maybe we should reconsider the shuttering of Partners. Unfortunately, what's done is done, but this is all the more reason to get in on our new offer. I think we've proved that much.

Tontine Partners, L.P.

MTD: -12.1%

YTD: -91.5%


Tontine 25 Fund, L.P.

MTD: -2.2%

YTD: -63.6%

1Recommend this! 28Comments

Comments

1

Posted by guest , Jan 07, 2009 9:31AM

Tontine Partners L.P. Down 91.5%? They need to mention in their investor letter "Hey you guys are 8.5% better off that if you invested with Madoff!"

2

Posted by guest , Jan 07, 2009 9:35AM


I remember Karen Finerman on Fast Money speaking of Tontine as if they were the best of the best.

3

Posted by guest , Jan 07, 2009 9:37AM

Global Alpha has been awfully quiet. Anyone know how they did in 2008?

4

Posted by VOL IS KING , Jan 07, 2009 9:45AM

Down 91.5% is the new killing it

5

Posted by guest , Jan 07, 2009 9:45AM

#1...I'm not so sure about that...there is still some money left at Madoff so they still may get a better return

6

Posted by Clown Capital , Jan 07, 2009 9:51AM

Who the FUCK has the temerity to post down 91.5% YTD!!!???

If I were an investor on the conference call, I'd threaten all the portfolio mgrs unborn children.

And their children as well.


"Death to Tyrants!!!"

7

Posted by guest , Jan 07, 2009 9:54AM

Has Tontine suspended redemptions? Just curious. "Hi, I'd like my last 9.5 back please." "No, sorry, you can't have it. It's not in the best interests of the remains LPs to let you out, lest their interests get trampled."

8

Posted by guest , Jan 07, 2009 9:55AM

Has Tontine suspended redemptions? Just curious. "Hi, I'd like my last 9.5 back please." "No, sorry, you can't have it. It's not in the best interests of the remains LPs to let you out, lest their interests get trampled."

9

Posted by guest , Jan 07, 2009 10:03AM

@3: Global Alpha -30%. Global Beta +3%.

10

Posted by guest , Jan 07, 2009 10:09AM

How the fuck do you go down 91%? Where is the "hedge" in hedge fund?

11

Posted by guest , Jan 07, 2009 10:25AM

@10 ahh.. ye olde texas hedge

12

Posted by guest , Jan 07, 2009 10:31AM

@10
If they only pulled a Costanza and did the exact opposite of what they were thinking they would be golden.

13

Posted by guest , Jan 07, 2009 10:38AM

and here is the really bad news.................it is a hedge fund.........no SIPC protection!

14

Posted by guest , Jan 07, 2009 10:43AM

Can someone explain what happens to a LP who (stupidly) invested in their old fund now (stupidly) invests in their “new” fund? Are they charged the same management and carry? Does the fund need to hit the old watermark before collecting their performance fees on their new fund? Do they wave everything or is it case by case for each LP?

I understand that funds close because there’s not a rat’s ass chance of making any serious dinero, but to call a do-over and wipe the slate clean seems awfully ballsy to your LPs.

15

Posted by guest , Jan 07, 2009 10:58AM

At 80% down, didn't someone think maybe they should just go to cash and call it a year? WTF.

16

Posted by Madmoney , Jan 07, 2009 11:01AM

Why are MTD and YTD different?

17

Posted by guest , Jan 07, 2009 11:03AM

cause its 2008, not 2009

18

Posted by guest , Jan 07, 2009 11:04AM

or to be more specific, MTD is Dec 08, YTD is calendar 2008 (12 mos)

19

Posted by guest , Jan 07, 2009 11:11AM

@16- are you an idiot?

20

Posted by guest , Jan 07, 2009 11:31AM

sounds to me like @16 is a Tontine partner

21

Posted by Suits , Jan 07, 2009 11:35AM

Some real genius posts here.

13, no investor has SIPC protection from poor performance.

16, it's 2008 returns. You really think they lost 90% in 4 days?

14, (not a bad comment) the old investors in the new fund will, in some manner, have their high water marks ported.

22

Posted by guest , Jan 07, 2009 11:36AM

@21- perhaps you shouldn't be judging what is and isn't genius, considering that you didn't get that 13 was a joke, intard.

23

Posted by guest , Jan 07, 2009 11:47AM

#21

If old investors will have their high water mark "ported" as you say, then why the need for Gendel to start a new fund?

Is it just so he can wipe the down 90% year from his official record? Maybe I give people too much credit, but won't anyone with money to invest and half a brain see through that?

With that down 90% year, his since inception returns aren't great (9% a year or so by my count). Good, but not great. And obviously the dollar weighted returns are abysmal.

24

Posted by guest , Jan 07, 2009 1:31PM

Gendell GETTING IT DONE!

25

Posted by guest , Jan 07, 2009 1:49PM

@7. Not to quibble, but my super-computer tells me that they would only be entitled to their last 8.5

26

Posted by Suits , Jan 07, 2009 3:18PM

21 here,

"and here is the really bad news.................it is a hedge fund.........no SIPC protection!"

Hilarious! The superfluous periods (or are those extended ellipses, can't quite tell) make it even funnier.

23,

from BBG via DB link:

"Tontine said existing clients who choose to invest in the new fund will pay a management fee of 1 percent and won’t be charged an incentive fee until their losses are recouped.

New investors will be charged fees of 1 percent of assets and 20 percent of investment gains, compared"

27

Posted by guest , Jan 07, 2009 3:25PM

@suits- everyone got that it was a joke except you. nice try, though.

28

Posted by Suits , Jan 07, 2009 5:07PM

22/27

Posting twice to defend your own lame comment doesn't make it any funnier.

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