Paulson's Loss on Sino-Forest (SNOFF) Could Top $700M
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How much did hedge fund-giant John Paulson lose in his bet with sketchy Canadian timber owner Sino-Forest (OTCBB: SNOFF)?
You better sit down first.
Owning 34.7 million shares of SNOFF, Paulson's position was valued at C$815.80 million upon initial disclosure. By June 17th, when Paulson disclosed the liquidated position, the value had fallen closer to C$110.69 million.
Estimated loss on the investment came in at a staggering C$705.11 million (about $722 million given Tuesday's conversion rate).
Prior to a negative report by Muddy Waters, Paulson was sitting pretty. Sino-Forest showed little movement over the last several months, appearing to supply a nice upward trend and appreciation for Paulson.
Sources say Paulson & Co.'s asset value is down about 20 percent so far this year.
You better sit down first.
Owning 34.7 million shares of SNOFF, Paulson's position was valued at C$815.80 million upon initial disclosure. By June 17th, when Paulson disclosed the liquidated position, the value had fallen closer to C$110.69 million.
Estimated loss on the investment came in at a staggering C$705.11 million (about $722 million given Tuesday's conversion rate).
Prior to a negative report by Muddy Waters, Paulson was sitting pretty. Sino-Forest showed little movement over the last several months, appearing to supply a nice upward trend and appreciation for Paulson.
Sources say Paulson & Co.'s asset value is down about 20 percent so far this year.
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