So that's how's it's gonna be, eh, Canada?
Wednesday’s Rangers-Blue Jays game answered one question, that of who would play the Royals beginning tonight. But it asked many, many more. Like: When did baseball stop making sense?* Are the umpires just making it up as they go along? Who replaced the Rangers infield with a really bad Little League team? And, most importantly, who knew that Canadians could be so mean and angry?
Boaz Weinstein knew. He saw the beer bottles coming last month, when the Mounties (actually, the people who invest the Mounties’ retirement savings) threw a lawsuit at him accusing his hedge fund, Saba Capital, of stealing $12 million from Canada’s finest men on horseback. That was when he knew that the myth of the polite, rule-following Canadian was a lie. A sham. A pernicious myth spun by those maple-mouthed faux-nice poutine-slingers to lure kindly, unsuspecting American hedge fund managers into their trap.
Well, they picked on the wrong hedge fund manager. Boaz Weinstein is at war with Canada.
[T]he valuation process PSP describes in its complaint is entirely consistent with the governing documents—indeed, they required it under the circumstances. The Investment Manager was not obligated to continue using a valuation methodology under conditions in which it did not generate reasonable, reliable and accurate valuations for the bonds at issue. Saba turned to a methodology that did achieve such valuations. In any event, PSP cannot sue the Fund itself for breach of contract, because the governing documents demonstrate that the Fund plays no role whatsoever in the determination of the NAV….
“PSP recklessly and maliciously attacked me and my firm. Read our motion to dismiss – it shows that we did absolutely nothing wrong and that is why we will not settle this suit for 1 cent,” Weinstein said.
* It never really made sense.