UK Billionaire loses $800M in Bear Stearns Collapse

[harflimon]

http://business.timesonline.co.uk/tol/busi...icle3558485.ece

Quote:JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns.

The 71-year-old currency trading tycoon, who runs his empire from the Bahamas, holds almost 10% of the bank's shares. Bear’s shares fell 40% on Friday to $27, after it secured a 28-day credit lifeline to stave off collapse.

Lewis began building a stake in Bear last September, when the shares were changing hands for more than $100.

The huge paper losses could force Lewis to sell out of some of his other positions, according to traders, in order to meet margin calls from his lending banks.

Owned.

[Winston]

Quote:http://business.timesonline.co.uk/tol/busi...icle3558485.ece

Quote:JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns.

The 71-year-old currency trading tycoon, who runs his empire from the Bahamas, holds almost 10% of the bank's shares. Bear's shares fell 40% on Friday to $27, after it secured a 28-day credit lifeline to stave off collapse.

Lewis began building a stake in Bear last September, when the shares were changing hands for more than $100.

The huge paper losses could force Lewis to sell out of some of his other positions, according to traders, in order to meet margin calls from his lending banks.

Owned.

Yes,maybe owned,on the other hand try this word...FORESIGHT :dead:

[flatron]

He is disputing the buyout. He won't win that round either. never mind, I don't feel really that sorry for him because it's only a 10% stake and he has other shares and companies to fall back on. Others have lost their houses, jobs and their 'lives' in the credit crunch.