Jeffrey Gendell is calling it a day for two of Tontine Partners’ four hedge funds, following massive losses that finally seem to have unnerved even his most loyal investors – a small group of longtime partners who remained optimistic he could turn things around, despite mounting losses in recent months.
In a conference call with investors on Monday, Gendell said he will unwind the firm’s flagship Tontine Partners and Tontine Capital Partners funds, though he gave no timeframe. Tontine Capital Partners is down 76.8% for the year as of October 31. Tontine Partners was down 67% through September. The