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...
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