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Aug 29 2013 | 12:04pm ET
Ed Butowsky, the Dallas money-manager who has been among the most vociferous and vocal supporters of SAC Capital Management, won't be the last man standing at the embattled hedge fund, after all.
After proclaiming at SAC's most recent redemption deadline that he would not withdraw from the scandal-tarred firm, telling The Wall Street Journal, "I feel like Will Smith in 'I Am Legend' when everyone else has died. I'm the last man standing," Butowsky had a change of heart—after a talk with his lawyers.
The Chapwood Investments chief elected to file redemptions both for his clients' money and for his own after his legal team recommended the move, warning that the assets could become entangled if SAC is convicted of insider-trading. Prosecutors have said they intend to go after all of the firm's assets in that event.
Investors are believed to have filed redemptions for substantially all of SAC's remaining outside capital. The withdrawals will be paid out through the rest of the year.
Butowsky said he filed his redemption quietly, and has "purposefully not contacted SAC. They have a lot more important things to deal with than Ed Butowsky."
But he remains a staunch supporter of the firm, telling the Journal that "if SAC will take it," he'd reinvest with the hedge fund if it survives.
"The government says SAC has a culture of insider-trading," Butowsky said. "What about a culture of working-my-ass-off? Because that's what they're doing at SAC."
"I'm not doing this for Stevie Cohen," Butowsky added. "It's not like I go to bed with a Stevie doll. It's more like, 'What the hell is going on in this world?'"