WSJ: Pickens’s Investors Ask for Exit
It’s official: the energy meltdown has exceeded the abilities of the rather mediocre abilities of the governor and legislature.
Who called BS on the Pickens/Chesapeake con jobs? The Oklahoma Political News Service!
From the Wall Street Journal:
“I’ll get it back.”
About half of the investors in T. Boone Pickens’s energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60% this year, according to people close to the matter. Mr. Pickens and his investment firm have lost $2 billion since peaking in late June, Mr. Pickens said Sunday on the CBS program “60 Minutes.”
His fund, BP Capital, will have about between $400 million and $500 million after expected withdrawals. It started the year with about $2 billion. A few weeks ago, Mr. Pickens moved the fund almost entirely into cash to help ride out the volatility in the energy patch, according to people close to the matter.
Mr. Pickens is expected to personally hold about 20% of the fund after the withdrawals, or about $100 million, after he does some selling along with his investors. He has lost an estimated $400 million or so in his funds this year.
The hedge fund has been hurt by the recent plunge in energy prices and tumbles in energy stocks. Mr. Pickens wouldn’t comment. Read more…
Related:
OKPNS: When Con Artists Go Bad (10/01/08)
OKPNS: “Sold Out Tour” Start This Week (9/2/08)
OKPNS: UPDATE: We Told You So, Again and Again (8/13/08)
OKPNS: If CNG is the Answer, It Must be a Really Stupid Question! (8/12/08)
