The Amaranth Meltdown Spreads To Asia

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We already know Amaranth sold off its energy portfolio to Citadel and JP Morgan Chase and had to liquidate about half its European bond portfolio to cover the energy trading losses. So what else is Amaranth selling off? A DealBreaker reader writes in with a firsthand account of Amaranth selling Asian assets.

Stuck here in HK, sitting next to our Asian converts trader.
Apparently, Amaranth's death throes attracted a school of hedge fund sharks trying to gobble up their Asian converts portfolio. By the time we got in touch with the Amaranth trader, they had 16 bidders, mix of hedgies and banks. The guy basically told us, "too late, piss off."
Nice to know his arrogance has survived the erasure of his deferred comp and job. In the end, the book traded to one buyer (identity not clear) at approx 2% discount "to where it was marked last week."

Got anymore good (or bad or ugly, for that matter) Amaranth stories? Send 'em our way. Tips (at) dealbreaker (dot) com. Thanks!

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