Copper Kills Tiger Cub, Ospraie’s Flagship Fund to Shutter

Dick Fuld came within days of being able to offload his stake in asset management and cut a deal with the Korean's, but Dwight Anderson could not keep his flagship Osparaie Fund afloat. Bad timing. Assuming Lehman owns 20% of the Ospraie Management LLC, their stake certainly might still be worth something, given there were several funds in the Ospraie complex. And lets not forget Lehman owns 20% of DE Shaw..whose numbers are holding up just fine, thank you very much.

Copper was the Ospraie Fund's bread and butter; keep your eye on it tomorrow. The move down in copper mid-August was probably the killer blow, and I would hope they have managed to exit the bulk of their metal's positions before releasing the news. There are likely more trades to unwind however, before they can return the remaining capital to investors.

Mid August 13-F filing

The Tiger Cubs have been on fire, but these markets are proving too treacherous for even Goldman and Tiger alums.

Bloomberg did not assemble their obituary ahead of time, like they did with Steve Jobs, but are fleshing it out, and provided a quote from the portfolio manager:

``I am extremely disappointed with this result and the fund’s sudden reversal in performance,’’ he said. ``After nine years of striving to be a good steward of your capital, I am very sorry for this outcome.’’ Bloomberg
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Will it hold?
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Ospraie Will Close Hedge Fund After 38 Percent Loss
Bloomberg

Commodities Fund Closes In Blow to Lehman
CNBC

Copper down on demand fears, aluminum at 7-mth low
Reuters

Ospraie’s flagship fund to be shut down
FT

Previously

August 15th
The Rout is On as Speculators Puke Commodities Across the Board
1440 Wall Street

August 25th
SellSide Continues to Shill for Copper Bulls
1440 Wall Street
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. No position

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