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British billionaire Joseph Lewis rebounds in Bear Stearns
Tuesday, September 11th 2007, 4:00 AM
British billionaire Joseph Lewis, who controls more than 170 companies, is betting on a rebound in Bear Stearns stock - putting up $860 million to acquire 7% of the Wall Street giant.
Lewis, who runs Florida-based investment vehicle Tavistock Group and is a resident of the Bahamas, said his huge purchase is solely an investment.
It was unclear if Lewis planned on adding to it. The company has been the subject of takeover speculation because of its recent troubles.
Bear Stearns shares have fallen about 30% since the beginning of the year amid worries related to the crisis in the mortgage markets.
The nation's fifth-largest investment bank was slammed after it disclosed earlier this summer that two hedge funds it managed were rendered all but worthless after wrong-way subprime mortgage bets.
Lewis disclosed he bought 8.1 million shares between Aug. 6 and Sept. 7. That would make him the investment bank's largest shareholder, assuming no others have made big changes in their positions.
The investment would top Putnam Investment Management's 6% stake and Bear Stearns CEO Jimmy Cayne's 5.8% holding.
Joe Lewis/related parties have lost probably close to or more than US1B (he bought this stake @ around $107/share) on this Bear Stearns bet (he had subsequent to this report raised his stake to 8%).
Question for Jamaica: how will this affect the Harmony Cove development?
Tuesday, September 11th 2007, 4:00 AM
British billionaire Joseph Lewis, who controls more than 170 companies, is betting on a rebound in Bear Stearns stock - putting up $860 million to acquire 7% of the Wall Street giant.
Lewis, who runs Florida-based investment vehicle Tavistock Group and is a resident of the Bahamas, said his huge purchase is solely an investment.
It was unclear if Lewis planned on adding to it. The company has been the subject of takeover speculation because of its recent troubles.
Bear Stearns shares have fallen about 30% since the beginning of the year amid worries related to the crisis in the mortgage markets.
The nation's fifth-largest investment bank was slammed after it disclosed earlier this summer that two hedge funds it managed were rendered all but worthless after wrong-way subprime mortgage bets.
Lewis disclosed he bought 8.1 million shares between Aug. 6 and Sept. 7. That would make him the investment bank's largest shareholder, assuming no others have made big changes in their positions.
The investment would top Putnam Investment Management's 6% stake and Bear Stearns CEO Jimmy Cayne's 5.8% holding.
Joe Lewis/related parties have lost probably close to or more than US1B (he bought this stake @ around $107/share) on this Bear Stearns bet (he had subsequent to this report raised his stake to 8%).
Question for Jamaica: how will this affect the Harmony Cove development?
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