Bloomberg reports that John Paulson’s $37 billion hedge fund sold its entire stake in Sino-Forest Corp. (TRE), the Chinese tree-plantation owner accused of overstating timber holdings, dealing investors a potential C$705 million ($720 million) loss.
Paulson & Co., which held 34.7 million shares of Sino- Forest as of April 29, said in a filing yesterday that it had disposed of the stake as of June 17. The New York-based firm’s holding was worth C$815.80 million when it was disclosed. It’s value had dropped to C$110.69 million by the end of last week.
The investment is a public misstep for Paulson, 55, who’s betting on an economic recovery after making $15 billion for his backers in 2007 wagering against subprime mortgages. His largest fund lost about 13 percent in the first half of June, bringing declines this year to about 20 percent, as bets on Sino-Forest and U.S. bank stocks soured, two investors said last week.....
Find out more at: http://www.bloomberg.com/news/2011-06-21/paulson-dumping-sino-forest-may-deal-clients-720-million-loss.html
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