In 2006, several prominent hedge funds had been shorting Fairfax Financial. According to Fairfax’s claims in an ongoing civil lawsuit, the parties had, in conjunction with their short positions, been actively defaming and harassing the firm and its founder, Prem Watsa.
The Toronto-based insurer … contends Loeb, Chanos, Cohen and Sender orchestrated a multi-year campaign to spread disinformation about Fairfax’s business model to a number of well-known financial journalists.
The Globe and Mail ran an article today that has a short excerpt of an email from Dan Loeb (activist hedge fund manager of Third Point LLC) to Adam Sender, founder of Exis Capital.
“Prem Watsa bend over, the hedge funds have something special for you,” Loeb wrote in the June 25, 2006 e-mail to Adam Sender, the founder of Exis Capital, whose hedge fund also was “shorting” Fairfax — that is, looking to profit from a decline in its shares. A little later that day, in an e-mail to a consultant who was doing research for some of the hedge funds wagering on Fairfax’s fall, Loeb wrote: “die, Prem Die!”
Read the full article here
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