Activist Hedge Funds Wounded by SandRidge Bet
TPG-Axon Capital Management LP, which led the campaign to oust the CEO, and Mount Kellett Capital Management LP each lost more than $150 million in the company's decline, as did a longtime supporter of Mr. Ward, veteran Canadian investor Prem Watsa, according to an analysis of securities filing...
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Published in | Daily Bankruptcy Review |
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Main Author | |
Format | Trade Publication Article |
Language | English |
Published |
New York
Dow Jones & Company Inc
15.04.2016
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Subjects | |
Online Access | Get full text |
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Summary: | TPG-Axon Capital Management LP, which led the campaign to oust the CEO, and Mount Kellett Capital Management LP each lost more than $150 million in the company's decline, as did a longtime supporter of Mr. Ward, veteran Canadian investor Prem Watsa, according to an analysis of securities filings by The Wall Street Journal. When natural-gas prices suffered, SandRidge started looking for oil, piling on debt to buy properties where it could prospect for the more profitable commodity. |
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