Amaranth offers a sham vote


Amaranth is a good hedge fund. It may even be a great fund following a period of performance, which has seen returns of close to 11% in 2002, with a good run continuing into 2003. So why does Nick Maounis and his Greenwich-based team have to spoil it all in their attempt to get investors to approve a new shareholder agreement?

On the face of it, all the $2.3 billion multi-strategy fund is doing is a little bit of housekeeping. They are making a few anti-money laundering changes. Then there are a few points on confidentiality. Then you spot