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Not To Be Outdone, Third Point Has Pledged $300 Million To

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GLG Partners is BACK IN THE GAME. So, okay, the firm has witnessed a mass exodus of personnel, (including “star” portfolio manager Greg Coffey, who resigned, then came back then resigned again all in one week’s time). Okay, it expects to suffer a similar mass exodus of money (investors are likely to pull half of the $7 billion in assets managed by Coffey when he leaves). Okay, it’s run by a CEO who works under the assumption that former employees are sent to live on a farm after they abandon him. That’s all immaterial—the London-based hedge fund recently made an investment that will assure it can’t lose. PaidContent reports GLG has taken its fate into its own hands, by infusing GodTube, the Christian online video sharing and social networking site, with $30 million. Though GLG declined to comment, we have it on good authority that got the idea to pitch GLG after receiving an anonymous tip about senior management’s grassroots initiative to rescue Mike Seaver from captivity, and offer him the position of running Coffey’s portfolio upon his departure.

Earlier: GLG Partners Now Hiring (Provided Departing Staffers Don't Pull A Coffey)
Hoping For Ungodly Returns: Christian Video Sharing Site GodTube Gets $30 Million Funding [PaidContent]
GLG To Let Coffey Addicts Out Of Fund [FINalternatives]