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Unfounded Rumor Of The Morning: Redemptions And (More) Departures At GoldenTree?

From the mailbag:

“At year end Dec 2009, GoldenTree faced over a half a billion dollars of redemptions. After gating investors in 2008 for over a year, they finally had to face the music after pressure from its LPs who were tired of being locked up.

Additionally, there has been another high level departure. Tom O’Shea, a partner and portfolio manager who was responsible for chemical and industrials investing quit in December and becomes one of more than 14 partners or portfolio managers to flee the firm in the last 20 months. “

Earlier: Exodus At GoldenTree?

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196 Responses to “Unfounded Rumor Of The Morning: Redemptions And (More) Departures At GoldenTree?”

  1. guest says:

    this is true.

  2. guest says:

    how does this place feel about golden showers? is that something they'd let fly?
    -you know who

  3. NakedShort says:

    Golden Tee is a helluva bar game

  4. CoveredLong says:

    This is nothing…I'll show you guys a real story.
    -Shel Silverstein

  5. guest says:

    i heard their funds are over their HWMs and had a ridic good 2009. Can someone confirm ?

  6. guest says:

    I would like to know someone's thoughts on this golden shower situation. Are *you* out there?

  7. Anal_yst says:

    +~55% through 11/09 apparently

  8. guest says:

    @5/7 ridic indeed. Up 68% and 109% through November. Just barely above the HWM. Nothing like compounding on 44 cents on the dollar …

  9. guest says:

    Funny! They're still growing their assets and I couldn't get into their CLO fund because it was closed.

  10. guest says:

    Who needs high-water marks, goldentree was charging investors performance fees while gated even though they were still in a loss position. they charged 2 and 10 all year to go from 50 cents to 90 cents on the dollar…check your documents, LPs…

  11. guest says:

    george bush likes goldentree so who cares about returns?

  12. guest says:

    as long at bob maztza is still there its all good.

  13. guest says:

    do you really think stevie cares about this? if investors bails, who cares? he can just gate 'em againa nd keep collecting bouco moula to buy a spaceships.

  14. guest says:

    @13 who the fuck calls Steve Tananbaum stevie?

  15. guest says:

    he already has the spacesuites…see this sweet photo…
    http://barrons.wsj.net/public/resources/images/ON
    now if that doesn't make you want to give a man some money….

  16. guest says:

    @14 i met stevie in the late 80s when he was a chubby little dweeb looking for a friend. he'll always be stevie to me…

  17. guest says:

    Goldentree staff: DO NOT COMMENT to these unfounded stories. We are watching you.

  18. guest says:

    @17 and remove any porn or photos of trees that aren't Golden from your hard-drives

  19. guest says:

    @ 18 What about photos of GoldenShowers? Are those allowed Mr Goebbels?

  20. guest says:

    you're money is safe here don't worry. relax. JUST RELAX. Or we find a way to make you relax…

  21. guest says:

    and no pictures of goldentree pee or goldentree fees either…don't kill the golden goose…

  22. guest says:

    investors: focus on the art. forget about the returns.

  23. guest says:

    @14. umm. his girlfriend…shhh

  24. guest says:

    @14 wait a minute. i call him stevie too. @23 who are you????

  25. guest says:

    I invested ten million dollars and all I got was a subscription to Reader's Digest and a Golden Tee bar game.

  26. guest says:

    @2 you can take a shower in steve's private golden shower stall. its nice and warm.

  27. guest says:

    Who the fuck calls George W. Bush George Bush and what does he have to do with Goldentree? Is he an advisor??? They trying to lose all their investors????

  28. guest says:

    release the golden hounds….

  29. guest says:

    couldn't have happened to more of an insecure jerk. i actually like the sound of stevie, suits him better.
    is that really what he was known as growing up??? its cute. so cute it hurts…

  30. guest says:

    if you need a friend, get a golden retriever

  31. guest says:

    I'm an asset management consultant and have studied GoldenTree. They have been overcharging investors for years for a hedge fund that doesn't hedge. Their best fund is a long only one that charges 50-100 bps depending on size. Why pay 2% and 20% for someone who just delivers BETA?

  32. guest says:

    Its so ironic. They used to start their pitch books with a little cartoon that said something like:
    my father like makes alpha…

  33. guest says:

    George Bush, Almond Brothers. How right wing are these guys???

  34. guest says:

    GoldenTree's best fund is a 75 basis point fee long-only fund. Investors pay way too much for levered Beta. Its going to happen again…Get out while the gettin's good.

  35. guest says:

    @35 I thought all the funds were still gated??? anyone know?

  36. guest says:

    they have opened some funds but have limited redemptions allowed so its first come first served.

  37. guest says:

    @15 great photo. love it.

  38. guest says:

    @15 he does look small. what is with those suits? anyone know the story behind it?

  39. guest says:

    i saw steve tananbaum speak at the milken conference. he is such a smug prick.

  40. guest says:

    Someone told me GoldenTree's head trader used to work for Bernie Madoff as a prop trader. Is this true?

  41. guest says:

    holy crap at the goldentree employees inundating this thread.

  42. guest says:

    go back to work GTAM employees. it doesn't help us look better.

  43. guest says:

    I have been working at GoldenTree for several years. There is no doubt that anyone who has left GoldenTree was fired by Steve. Tom Shandell was fired and then rehired because Steve forgave him. Everyone loves it here.

  44. guest says:

    Linda Grillo worked for Steve Tananbaum at Mackay Shields. She never worked at Madoff nor did any other current employees.
    check our website.

  45. guest says:

    @41 SO who worked for Bernie Madoff? I checked http://www.goldentree.com and didn't see anuyone…

  46. guest says:

    @41 I am pretty sure Joshua Press used to work for Bernie, but its not on the website anymore. is there a way to look back at the website from '06 or '07?

  47. guest says:

    @41 SO who worked for Bernie Madoff? I checked http://www.goldentree.com and didn't see anuyone…

  48. guest says:

    @15 briliant.! love it. i bet he wishes he never posed forf that.

  49. guest says:

    @41 Yes
    there is something called a wayback machine that does this. i'll try it when i get back to my office.

  50. guest says:

    there is no way to go back into internew time unless the site was archieved.

  51. guest says:

    when are the reemptions paid out? will this effect the market?

  52. guest says:

    anyone know the exact amount of the redeptions? i heard $850mm?

  53. guest says:

    This is the first time the gates are oppened in how long?

  54. guest says:

    i heard more like 750mm. but they are not allowing everyone out. only the first 500mm or so. they can sidecar some people.

  55. guest says:

    who is stevie? and what does that have to do with goldentree. SAC?

  56. guest says:

    do they still have pretty blond girls selling their funds??? or have they left too. ? i saw one when to ox ziff

  57. guest says:

    give me a golden goose and i;ll lay an egg and sell it for lots of money.

  58. guest says:

    DEALBREAKER: Your number on departures is Low. Its more like 25 people and its about to get bigger….

  59. guest says:

    anyone know why their turnover is so high? is that normal for a fund?

  60. guest says:

    Leon and Steve are great guys, they just want to be loved.

  61. guest says:

    why did the firm put up gates ? and why did it take so long to lower them?

  62. guest says:

    Stevie Stevie Wonder

  63. guest says:

    @59 The departures are more like 35 people. Check your numbers. And the redemptions are $872,000,000. These guys are freaking out.

  64. guest says:

    Why is a big deal for them to have redemptions? If people don't want to oplay they don't have to play, we don't need them.

  65. guest says:

    We are going places. Just wait.

  66. guest says:

    What are start with Golden?

  67. guest says:

    Pee Tee Tree Goose Handcuffs

  68. guest says:

    We are changing our name to IronTRee.

  69. guest says:

    Platinum Tree Sounds Better
    PTSB

  70. guest says:

    What about RubyTree that sounds nice too

  71. guest says:

    jack ruby loves goldentree and he was from texas too.

  72. guest says:

    I don't believe either of these stories. Check your facts. 212-847-3550.

  73. guest says:

    George Bush, Almond Brothers. How right wing are these guys???

  74. guest says:

    Pee Tee Tree Goose Handcuffs

  75. guest says:

    I don’t believe either of these stories. Check your facts. 212-847-3550.

  76. guest says:

    I think you guys are being a little harsh. The fund is up almost 70% this year. Steve is a pretty talented guy.

  77. Anonymous says:

    isn’t credit expensive now which would mean time to finally open gates on these types of funds.

  78. Anonymous says:

    have they finally opened the gates or are they still locking and charging 2% and 20% for beta?

  79. Anonymous says:

    we were gated by this manager and were forced to lock in until this summer to get our money out. we have just put in for redemptions.

  80. bsm5 says:

    lots of risk factors here for institutional investors including a huge percentage of illiquids marked by the manager himself and a style drift into stocks that killed steve in ’08. get a stock manager to manage your stocks and an etf for your hy. you’ll do a lot better.

  81. bsg_1 says:

    i am hearing about more redemptions for this summer when the lockups end.

  82. hedgie62 says:

    GoldenTree gated every fund we had money in and forced us to liquidate or lock in for two more years. We are now redeeming.

  83. blx_nyc says:

    Arrogance = risk = loss

    Watch out for hedge funds with PR firms

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