There will be no April Fools pranks at Amaranth this year. It’ll all be over before then.
Amaranth Advisors LLC, the hedge-fund manager that lost $6.6 billion on natural gas trading, started firing employees Oct. 13 and plans to shut down for good by March 31, founder Nicholas Maounis told Connecticut labor officials.
About 350 employees in Amaranth's headquarters will lose their jobs following the biggest-ever loss of hedge-fund assets.
Amaranth's failure to sell part or all of its business to an outside investor made layoffs unavoidable, Maounis wrote in a letter Oct. 12 to a Connecticut Department of Labor unit that monitors business closures.
Connecticut officials, concerned about a loss of high-paying jobs, are trolling for potential employers who can hire Amaranth workers and keep them in the state. Rival hedge funds and financial firms have told Amaranth of at least 1,000 jobs that might fit its employees, Amaranth spokesman Steve Bruce said.
We tried, very hard, to write our own version of “The Night The Lights Went Out In Greenwich” but failed utterly to find a suitable rhyme for Greenwich. So we’re starting a contest. Send your Amaranth flavored lyrics of "The Night The Lights Went Out In Georgia" in to tips (at) dealbreaker (dot) com. The winner will garner the first official prize given away in a DealBreaker contest—we just haven’t decided exactly what yet.
Amaranth cuts jobs in prelude to March closing [Bloomberg in the Chicago Tribune]