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Seven Years . . .

T-bone1

By T-bone1
in Fairfax Financial

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T-bone1 Newbie

T-bone1

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Can we all just take a moment today to silently celebrate (or publicly gloat) that Stevie Cohen might finally be going down for the count?

 

It has been a very long time coming and for those of us on the board (and who owned FFH in 2006), a very long wait.

 

I certainly enjoy meeting so many of you at the Fairfax meeting each year.  Perhaps a new semi-annual meeting is in order . . .

 

Sanjeev, any interest in going to Cohen's trial one afternoon and having a Fairfax shareholders' dinner that evening in NYC?

 

-t-bone1

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Parsad Grand Master

Parsad

Posted
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You all must be better people than myself.  I'll continue to "pile on" solo:

 

http://www.businessinsider.com/steve-cohen-weight-gain-2013-7

 

We're all cheering on the inside!  We'd be cheering on the outside if the government would somehow seize all of his assets.  This guy will just become another Milken when he gets out.  Do your time and then come out and show the world what a great guy you are, while the snake oil salesmen personality is never too far away. 

 

Same thing with Sam Antar.  How many people at the SEC listen to him?  Yet this is one carnivorous bastard who keeps plugging along embracing his convicted felon moniker.  How about fan favorite Jim Cramer, who somehow shaped himself into the Louis C. K. of business!  These assholes always come out on top, unless you take away their money and influence.  The government doesn't seem to ever go far enough!  Cheers!

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obtuse_investor Rookie

obtuse_investor

Posted
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July 25 (Bloomberg) -- [Fairfax] Attorney Mike Bowe, with Bloomberg's Greg Farrell and Sheelah Kolhatkar discuss the indictment of SAC and the possibility that founder Steve Cohen could be charged. They speak to Deirdre Bolton on Bloomberg Television's "Money Moves."

 

http://www.bloomberg.com/video/will-steve-cohen-face-criminal-charges-7G4hM8nKR_OB_dA6Z6vQjA.html

(~10min video)

 

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rkbabang Mentor

rkbabang

Posted
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You all must be better people than myself.  I'll continue to "pile on" solo:

 

http://www.businessinsider.com/steve-cohen-weight-gain-2013-7

 

We're all cheering on the inside!  We'd be cheering on the outside if the government would somehow seize all of his assets.  This guy will just become another Milken when he gets out.  Do your time and then come out and show the world what a great guy you are, while the snake oil salesmen personality is never too far away. 

 

Same thing with Sam Antar.  How many people at the SEC listen to him?  Yet this is one carnivorous bastard who keeps plugging along embracing his convicted felon moniker.  How about fan favorite Jim Cramer, who somehow shaped himself into the Louis C. K. of business!  These assholes always come out on top, unless you take away their money and influence.  The government doesn't seem to ever go far enough!  Cheers!

 

Why should the government take the money? It wasn't the government these people got their money from. Why is it not possible for these people to be sued into the poorhouse by their victims?

 

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Parsad Grand Master

Parsad

Posted
Posted

You all must be better people than myself.  I'll continue to "pile on" solo:

 

http://www.businessinsider.com/steve-cohen-weight-gain-2013-7

 

We're all cheering on the inside!  We'd be cheering on the outside if the government would somehow seize all of his assets.  This guy will just become another Milken when he gets out.  Do your time and then come out and show the world what a great guy you are, while the snake oil salesmen personality is never too far away. 

 

Same thing with Sam Antar.  How many people at the SEC listen to him?  Yet this is one carnivorous bastard who keeps plugging along embracing his convicted felon moniker.  How about fan favorite Jim Cramer, who somehow shaped himself into the Louis C. K. of business!  These assholes always come out on top, unless you take away their money and influence.  The government doesn't seem to ever go far enough!  Cheers!

 

Why should the government take the money? It wasn't the government these people got their money from. Why is it not possible for these people to be sued into the poorhouse by their victims?

 

Hi Rkbabang,

 

I wasn't stipulating who should get it, only that it doesn't remain in the crook's hands.  I'm more than happy to see it return to those that were hurt.  Cheers!

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SharperDingaan Mentor

SharperDingaan

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You have to wonder why SAC thought they had to give a 46 page explanation to their staff - from their lawyers. They have to be worried about immunity/bounty driven leaks taking Cohen down, as well as their cash burn.

 

Kind of like the piñata at a Mexican festival; everyone lining up to take a hit - for the fame & notoriety of being the guy/gal who brought SAC down. Soros broke the Bank of England .... but for you Lenny ... the only honest one in the pack ... way, way better!

 

Nice touch from Overstock.

 

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Parsad Grand Master

Parsad

Posted
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Incidentally, there is a whole host of others that need to be taken down as well...including a well-known short-seller who made certain proclamations at the very first Value Investing Conference (the reason I will never attend one again in my life) and another well-known "value manager" who were part of the cabal against Fairfax.  Not to mention the Three Stooges (A, C & W)...you can guess by the last name initials, who endlessly barraged OSTK with negative articles and attacks.  Miscreants one and all who should join Cohen on the funeral pyre!  Cheers!

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Shawn Newbie

Shawn

Posted
Posted

Can we all just take a moment today to silently celebrate (or publicly gloat) that Stevie Cohen might finally be going down for the count?

 

It has been a very long time coming and for those of us on the board (and who owned FFH in 2006), a very long wait.

 

I certainly enjoy meeting so many of you at the Fairfax meeting each year.  Perhaps a new semi-annual meeting is in order . . .

 

Sanjeev, any interest in going to Cohen's trial one afternoon and having a Fairfax shareholders' dinner that evening in NYC?

 

-t-bone1

 

Honestly man I wouldn't wish jail on no man. I get he did Fairfax wrong and all that but let karma do it's work. I would never celebrate anybody going to prison or losing everything they worked hard for.

 

It's crazy tho, this idiot ruined his reputation and may very well lose something gravely important to him because of something he really didn't have to do. When karma strikes I swear it's more painful than anything we could possibly conjure. I wonder what Prem's take on all this is.... I'd be interested to hear that.

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wknecht Newbie

wknecht

Posted
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Aside from the potential vindication, what are the implications of all this from Fairfax's perspective? With the negative reputational impacts, and possibility for additional information to come to light, I would imagine a slight uptick in the probability that Fairfax reaches a settlement or favorable court decision.

 

I'm not very familiar with the details or legal process, so am not sure what to realistically expect, if anything.

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StubbleJumper Proficient

StubbleJumper

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I'm not very familiar with the details or legal process, so am not sure what to realistically expect, if anything.

 

 

IMO, we should expect approximately zero from the lawsuit.  The value of the lawsuit is:

 

Probability of winning the case * Probability of winning the inevitable appeals * Settlement awarded * Percentage of award actually collectible / (1 + r)**n - Legal costs

 

 

So, plug in your own parameters.  Maybe a 50% chance of success on the case, and 50% chance on the appeals?  Maybe $4 billion award?  Maybe SAC will go BK so that only 10% of the award is actually collectible?  And maybe you don't actually get the money until 2023, so discount that at 10% per year.  If those BS parameters are correct you are left with a present value of:

 

.50 * .50 * $4b * .1 / (1+ .10)**10 - legal costs

 

or, about $38m - legal costs.

 

 

IMO, the lawsuit is nothing but a distraction.  I'd rather have Prem's attention focussed on making me money!

 

 

SJ

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Partner24 Rookie

Partner24

Posted
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Oh I remember when mostly everyone was tagging Patrick Byrne as a fool, a paranoid, a fellow who was boxing with hedge funds instead of keeping selling his toasters, etc. Very few people were on his side. This board was. We knew far too well what was happening with FFH, so we understood him and knew he was a honorable man who was fighting for the right cause.

 

Life can be so ironic sometimes.

 

My sincere congragulations to Patrick! It's your day now!

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