Hedge Fund Manager On Gilded Path To Homelessness
This isn’t even funny anymore. United Capital Markets Asset Management manager John Devaney, who just last week was forced to put his yacht up for sale after his fund restricted investor withdrawals due to some trading bets that didn’t exactly pan out, may have to sell his waterfront mansion in Miami. The estate is considered to be in serious “jeopardy,” now that United’s Horizon ABS funds have booked a 30.4% loss for June. Once valued at $620 million, the fund’s portfolios are now estimated to be worth around $460 million with losses for July expected to be even worse, if that’s possible (which it is—Jeff Larson knows what we’re talking about). If this guy is stripped of his other properties in New York, or around Miami, or his helicopter or Gulfstream jet, we’re really going to lose it.
Comments
what a lame pose in that photo. Is that word on the wall telling him to POSE? He needs cue cards to pose?
Posted by: anon anon anon | August 2, 2007 10:40 AM
I think Bob Odenkirk put it best when he wrote, "If I have to go from being Super Rich to Just Plain Rich, I swear I'll kill myself!"
Posted by: Sandy | August 2, 2007 10:40 AM
They should just let him keep his stuff. He tried his hardest.
Posted by: Anonymous | August 2, 2007 10:48 AM
He looks like my butler but not as sharp a dresser
Posted by: Anonymous | August 2, 2007 10:56 AM
How do you buy a helicopter and a giulfstream when you don't even manage a billion?
Posted by: Former Eye-Patch Wearing Joker | August 2, 2007 10:57 AM
Any schmuck that names his yacht Positive Carry deserves to lose everything.
Posted by: MG | August 2, 2007 11:09 AM
maybe I missed something, but I coulda sworn i saw something about one of Paul Tudor Jones' funds losing ~9% in July, what no coverage of that?
Posted by: jt | August 2, 2007 11:34 AM
I have no sympathy
Posted by: inIT4the$ | August 2, 2007 12:23 PM
I wonder if his house was secured with a subprime loan? Also I saw his jet recently at FLL and it still said United Capital Markets on it, but something tells me the painting crew is ready to repaint "Citadel raped ME!" on it soon.
Posted by: Zack | August 2, 2007 01:27 PM
he looks like he takes it up the ass
Posted by: Ajax | August 2, 2007 01:33 PM
http://online.wsj.com/article/SB118600443512785262.html?mod=googlenews_wsj
Posted by: roger | August 2, 2007 01:38 PM