Friday, 29 August 2014
Last updated 6 hours ago
Jun 3 2011 | 2:06pm ET
John Paulson may feel like a felled tree landed on him today, after another hedge fund said a timber firm in which his Paulson & Co. is the biggest shareholder is a fraud.
Shares of Sino-Forest Corp. fell by about 60% today, after losing 21% yesterday before trading on the Toronto Stock Exchange was suspended. The precipitous drop-off was triggered by allegations from hedge fund Muddy Waters that the company lied about the value of timberland it owned in China's Yunnan province.
New York-based Paulson owned more than 14% of Sino-Forest as of April 29, and, based on those holdings, may have lost in excess of $500 million over the past two days. The hedge fund is also reportedly a major holder of Sino-Forest debt.
Sino-Forest CEO Allen Chan has denied the allegations, blasting Muddy Waters, which is shorting the company, and its "shock-jock approach," calling it "transparently self-interested." The firm promised a full investigation of the hedge fund's claims, although Chan said they were "inaccurate and unfounded."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...