Free at last! Free at last! Thank God Almighty, most of your capital is free at last!

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The MarketWatch crew obtained the Q4 investor letter from Amaranth founder Nick Maounis, which details the firm’s post-apocalyptic strategy. The firm’s market exposure was cut from $2.25bn to $170mm in Q4 and the firm plans to retain 30 of its original 420 employees before the blow up. Over half of investor capital has been returned through redemptions and withdrawals, and the remaining capital is being held in illiquid assets, including a hefty $40mm litigation pool.
The DealBreaker Super Sleuths have also obtained Maounis’ letter:

My Dear Fellow Angry Men,
While confined here in this Greenwich, CT mansion, I came across your recent statements calling my present activities “unwise and untimely.” Seldom do I pause to answer criticism of my work and ideas. If I sought to answer all the criticisms that cross my desk, my secretaries would have little cushioning for laying on it, and little time for anything other than such correspondence in the course of the day, and I would have no time for the work of almost criminal value destruction. But since I feel that you are men of genuine good (rich) will and that your criticisms are sincerely (monetarily) set forth, I want to try to answer your statements (lawsuits) in what I hope will be patient and reasonable terms. Here is 55% to 60% of your money back, and a cookie.
Yours for the cause of Peace and Brotherhood,
IOU,
Nick Maounis

Amaranth returns 55%-60% of remaining assets – [MarketWatch]

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