United Capital Markets head John Devaney, in recovery from the well publicized collapse of several of his hedge funds during the mortgage market meltdown, has upped the asking price for his 17 bedroom Aspen home. According to the WSJ:
Tags: Hedge funds, John Devaney, Real Estate
Here's the statement that John Devaney published via PRNewswire. No , he wasn't booed off the stage, he says. The account was "totally fabricated".
Tags: Credit Crunch, Hedge funds, John Devaney, Liquidations / implosions
Ouch: John Devaney, the former billionaire baller and skipper of the imploded and liquidated Horizon Funds (and yacht "Positive Carry") didn't get such a great reception last Monday when he spoke at an annual conference for asset backed securities held in Miami. According to the NY Post, he was booed on stage during a "rant on why the markets were wrong and he was right". Later that evening he held an invitation only party on his mom's yacht (since his "Positive Carry" had been sold)…
Tags: Credit Crunch, Hedge funds, John Devaney, Liquidations / implosions, Toe Tags
Billion Dollar Wall Street Baller no more?: John Devaney, the flamboyant hedge fund manager and head of United Capital Markets Holdings who made massive wrong way sub-prime bets, was forced to liquidate his Horizon funds. And unfortunately, investors will be getting bupkus. Yep. A total zero.
Early this year, Devaney spoke at a conference where he said that it was time to start moving back into the sub-prime market. To keep his sinking empire afloat, he had been selling assets — including his prized yacht "Positive Carry", helicopters, a plane and a Renoir.
According to Bloomberg:
The Horizon group of funds run by Devaney’s
United Capital Markets Holdings Inc. couldn’t meet a margin call from Deutsche
Bank AG at the end of June, according to a letter to clients today obtained by
Bloomberg News. Deutsche Bank then seized and auctioned off the collateral.
Tags: Credit Crunch, Hedge funds, John Devaney, Liquidations / implosions, Toe Tags
John Devaney, skipper of United Capital Markets Holdings Inc., and former skipper of "Positive Carry", one of the two yachts he was forced to sell last year after he was nearly sunk by bad sub-prime bets, thinks it’s time to test the waters again.
The chief executive officer of United
Capital Markets Holdings Inc., who lost more than 35 percent for at least one
client last year and prevented investors from withdrawing their cash, says bonds
derived from subprime mortgages are a bargain after falling as low as 10 cents
on the dollar. TCW Group Inc. and Pacific Investment Management Co. are also
betting that prices will recover.“Just because I lost money doesn’t mean I will quit, no way,” Devaney, who
sold his boat “Positive Carry” and Gulfstream IV, said in a telephone
interview from Key Biscayne, Florida. “Prices have collapsed and this is the
best opportunity I’ve seen in my career.”
Tags: Hedge funds, John Devaney
John Devaney’s troubled United Capital Markets lost three traders to distressed debt shop Seaport Group according to Bloomberg:
Seaport’s hires are Sean Kirk, a trader and
member of the United Capital Markets senior management team; Evan Kestenberg, a
trader of collateralized debt obligations; and analyst Jeffrey Humphrey, Kirk
said in an interview today.Seaport, a New York-based securities firm with a trading focus on bonds of
distressed or restructured companies, began trading structured debt with the new
staff, Kirk said. Much of that market is now “distressed” because of the
fallout from a jump in defaults on subprime mortgages, Kirk said.`We intend to be a liquidity provider in the distressed ABS space as a broker
dealer, as we’ve always been,” he said.
Seaport Hires Two Traders From Devaney’s United Capital Markets – Bloomberg
Tags: Distressed, Hedge funds, John Devaney
John Devaney is selling another one of his toys according to the New York Post:
John Devaney, founder and general partner
of United Capital Asset Management, saw his remarkable reversal of fortune enter
a new phase this week when his United Aviation Holdings subsidiary listed an
ultra-luxe Sikorsky S76C helicopter for sale.A brochure that featured the listing prices
the chopper at $10.995 million, and cites the reason for the sale as
"changing corporate travel requirements."Devaney’s UAM hedge funds have lost at
least 35 percent of their value through June and likely have dropped even more
in July as they struggle with the collapse of the asset-backed bond market.Even worse, Devaney had what was once $100
million of his family’s fortune in the now rapidly shrinking fund.
He’s Grounded – New York Post
Tags: Hedge funds, John Devaney
If you didn’t catch the show on Thursday evening, you really should catch one of the upcoming reruns. It was a fun watch. Some pictures from the show are below; we’ll have lots more later….
Tags: Art, Culture, Greenwich, Jeffrey Epstein, John Devaney, Paul Tudor Jones, SAC Capital
What do billionaire Wall Street BSDs blow their ill-gotten gains on? VH-1 aims to tell you, if you don’t already know. Over the weekend we saw a promo for an upcoming VH-1 show: "The Fabulous Life: Billion Dollar Wall Street Ballers". It’ll air on Thursday at 11am EDT and again that night at 9PM EDT with additional reruns on the VH-1 schedule. According to VH-1’s teaser/promo, the show features ESL / Sears’ Eddie Lampert, and naturally SAC Capital’s Steve Cohen. It also mentions the millions raised by the Robin Hood Foundation, so we’d guess that Paul Tudor Jones is probably in there too. Surprisingly also featured are accused perv / billionaire Jeffrey Epstein as well as besieged-by-subprime-debt John Devaney (Maybe parting with his "Positive Carry" yacht might not be such a big deal after all — VH-1 says he has 10!).
Think stars are having all of the fun?
Think again. These days nobody’s making more and spending more than the
buttoned-down badasses of Wall Street. From their sprawling estates and
tricked-out private yachts to exotic vacation homes and multi-million dollar art
collections– these guys are living larger than anyone else on the planet.
Welcome to The Fabulous Life of Billion Dollar Wall Street Ballers.
Tags: Art, Culture, Eddie Lampert, Jeffrey Epstein, John Devaney, SAC Capital
Under water United Capital Markets founder John Devaney is looking to unload his 142 foot yacht and also his recently purchased Aspen property to raise cash to pay off debts. And if those don’t bring in enough cash, there’s always his Gulfstream jet, his helicopter and his waterfront home.
Devaney has had a fixation with boats since he was a young kid. He bought his first one when he was only seven years old — a dinghy for $100 raised from lawn-mowing earnings. His next purchase, when he was 29, was a 100-foot power yacht. And as recently as last year he was contemplating an even bigger putt-putt because, as he put it: "I don’t like golf." So it must sting that he has to give up his ‘Positive Carry’. At least Devaney won’t be totally boatless. We discovered that he also bought a 126 foot yacht called the "Big Easy" in April for his mom, Dorothy Ann. And the boat was rechristened in her name…
At the Fisher Island Boys and Girls Club
Rendezvous, club supporter and yacht owner John Devaney, CEO of United Capital
Asset Management (among other companies), sponsored a luncheon with writer and
TV personality Ben Stein. Devaney gave a short introductory speech,
relating a tale of how when he, as a young man, made his first millions, his
mother told him he needed to donate half of it to charity. Just before Christmas
last year, Devaney, who owns the 141-foot Trinity motor yacht Positive Carry,
made a surprise purchase for his mother, Dorothy Devaney-Goldman. He bought her
a yacht of her very own. It all happened rather quickly and spontaneously. On
Monday, December 11, Devaney expressed interest in the 126-foot motor yacht Big
Easy to Trinity Yachts CEO Felix Sabates Jr. On Wednesday, Devaney agreed to
purchase it. The deal closed on Friday, and the newly renamed Dorothy Ann was
christened on Saturday. Needless to say, his mom had the surprise of her life.
Tags: Hedge funds, John Devaney
How’s this for irony?: According to the New York Post, subprime lender CompuCredit has $90 million sunk in John Devaney’s Horizon hedge funds — which is down 5% in May and 39.52% year to date – on bad subprime bets. CompuCredit will give its investors an update when its results are released on August 1. Some mutual funds are also said to have money with Horizon.
According to a letter from Horizon to investors, the fund expects to sustain losses in June and for the year. That means it appears as if CompuCredit will have to settle for only a percentage of its cash coming back. Earlier this year, the Horizon funds had about $620 million under management.
The ties between Horizon’s Devaney and CompuCredit run deep. At one point, Devaney, his wife Selene and United Capital Markets controlled 5.36 million shares in CompuCredit, or nearly 10.6 percent of the company. On March 13, as CompuCredit’s stock continued to drift downward into the $27 range from $39 at the start of the year, the company bought back 2.88 million shares from Devaney.
Lenders $90M Hit Is On ‘Horizon’ – New York Post
Tags: Hedge funds, John Devaney
- Funds Accelerate Subprime Exit Strategy
- Mortgage Mess Shines Light on Brokers’ Role
- Lack of checks and easy money threaten home loan crisis in UK
Tags: Hedge funds, John Devaney
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