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Sender Shows Art, Says Fairfax Suit Caused ‘Immense’ Damage


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http://www.finalternatives.com/node/18499

Sender Shows Art, Says Fairfax Suit Caused ‘Immense’ Damage

 

Oct 21 2011 | 7:42am ET

 

Hedge fund manager and art collector Adam Sender will display works from his $100 million art collection for the first time next month.

 

Sender, founder and CEO of Exis Capital Management, has selected 70 of the 1,000 pieces in his collection for the exhibition which will run from Nov. 29 to Dec. 4 in his 5,000 square-foot Miami home, reports Bloomberg. The house is conveniently empty, as it’s on the market.

 

“Home Alone,” as the show is called, will coincide with Art Basel Miami and will feature work by artists including Keith Haring, Cindy Sherman and Chris Ofili.

 

“We bought a beautiful house but it wasn’t the right house for us,” Sender told Bloomberg. “We had an ability to rent it but we figured, why not throw a show for Art Basel.”

 

Sender started his career at SAC Capital Advisors (run by another avid art collector, Steve Cohen). He founded Exis in 1998. The firm’s Walrus fund returned 16% in September and has returned 18% YTD, according to a letter to investors seen by Bloomberg.

 

Sender says the fund manages mostly his own money and that of friends and family.

 

“We haven’t been able to raise any significant capital since Fairfax of Canada sued us in 2006,” he told the news agency. Toronto’s Fairfax Financial Holdings sued several hedge fund firms—including those run by Cohen, James Chanos and Daniel Loeb—claiming they’d harmed Fairfax’s business by betting on its stock price declining and demanding $8 billion in damages. Cohen and SAC were let off the hook last month but the case is still pending for Sender and the other parties.

 

“The damage this suit has caused is immense,” Sender said. “A suit which is completely frivolous, and a complete fantasy.”

 

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It hasn't stopped the other firms from raising capital.  Maybe it was the photograph of the 22 monitors around him in that famous photograph.  Investors figured he had immensely high operating costs from his electricity bill!  ;D  Cheers!

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It hasn't stopped the other firms from raising capital.  Maybe it was the photograph of the 22 monitors around him in that famous photograph.  Investors figured he had immensely high operating costs from his electricity bill!  ;D  Cheers!

 

;D ;D ;D

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