Hedge Fund Blow Ups … the pain continues

January 31, 2008 |

From FINAlternatives:

Sailfish Capital Partners is reportedly in the midst of “blowing up” and is liquidating its entire portfolio as quickly as it can, according to sources with knowledge of the situation.

According to the sources, the two partners of the Stamford, Conn.-based hedge fund—Mark Fishman and Sal Naro—got into a shouting match yesterday and ordered their traders to liquidate all of the fund’s positions.

“They told everyone to start selling their positions, to liquidate,” said one source. “It’s basically blowing up. Everyone is sending out their resumes. They want out. It’s basically mayhem.”

A spokesman for Sailfish dismissed the notion that there was a fight, describing the event as a “discussion.” He added that traders are always loud, and that “it was not heated. It wasn’t anymore colorful than they usually have.”

Redemptions are due tomorrow, and many investors are reportedly taking advantage of this date to pull their money.

HFL: Expect more blow ups like this.  Now that the markets are especially stormy, you can expect more carcasses to wash ashore.  Too bad about this one.  I liked the name of the firm.  Sailfish are fun beasts to catch, especially on light tackle.  Kinda makes me want to get back to Bimini for some big game fishing.

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