Fir Tree's patience pays off


Short subprime bets, Chrysler debt and the GLG IPO make up an eclectic portfolio's gains

By Eric Baum

Fir Tree Partners founder Jeffrey Tannenbaum's commitment to the environment is all too apparent at the firm's spacious Fifth Avenue headquarters, which looks more like an ashram than a traditional hedge fund office. A mural of California's Muir Woods printed in vibrant harvest colors on "eco-friendly" fabric surrounds the reception area, while the walls are covered with coats of Benjamin Moore "EcoSpec," a type of paint that contains reduced amounts of volatile organic compounds.

Despite its trappings and moniker - an English