‘I resign. No, no. I kid... I kid...’

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So much “just messing” at GLG partners these past couple days. The London-based hedge fund, which has been a public company for less than a year, said it would “redo” statements for 2006 and 2007 because it didn’t “properly account for limited partner profit.” According to an 8-K filed today—and I’m paraphrasing a bit but this was the gist:

"In 2006, net profit was $359.3 million. HA! Just fucking with ya. It was really only $157.9 million. 2007? Second verse, mostly same as the first: we said we made $92.6 million, we really lost $310.5 million. Did you see the look on your face! Priceless!"

Good stuff, but not really the funny part. Later in the filing, GLG indicates that on April 14, Greg Coffey, portfolio manger for the GLG Emerging Markets Fund, the GLG Emerging Markets Special Situations Fund, the GLG Emerging Currency and Fixed Income Fund and the GLG Emerging Equity Fund managed by the Company, “resigned from his positions with the Company’s GLG Partners LP subsidiary and certain affiliated entities (collectively, “GLG”)." A few lines later, it’s noted that on April 15, Coffey withdrew his resignation, and that the Gregster and the company “are in discussions concerning a range of options for the future,” including how to more effectively put the Gregmeister’s singular knack for pulling pranks to good (/profitable) use.
Also of note:

"The company took a charge of $1,242.93 for contractor fees related to moving services rendered to the company to move Mr. Coffey's office furniture back into the building from the parking lot where it had been arranged in a configuration mimicking his actual office by persons unknown."

GLG Partners 8-K [SEC]
GLG hedge fund to restate 2006, 2007 results [Reuters]

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