BP, Transocean oil spill washes onto hedge fund shores
By Michelle Celarier, Katrina Dean Allen
Tue Jun 15, 2010
“I did not sell it well,” groused Leon Cooperman.
Veteran oilman Boone Pickens proved prescient when he told
CNN’s Larry King on May 27 that BP’s
efforts to plug the disastrous oil spill in the Gulf of Mexico
by its "top kill" effort would most likely fail; BP abandoned
the effort just a few days later. It is another matter whether
Pickens was savvy enough to profitably dump his shares of
Transocean, the Swiss company that owned the rig that blew up
on April 20.
BP Capital Management, Pickens’ hedge fund and no
relation to the British oil giant, had one of the biggest
positions in Transocean of any hedge fund at the end of the
first quarter, the latest date for which regulatory filings are
publicly available. While only a few hedge funds were invested
in the much larger BP at that time, Transocean was a big hedge
fund play. Its shares, like those of BP, have fallen...
ISSN: 2151-1845 / CDC10004H
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