High-water Marks.(The Talk of the Town)(boat racing for companies)

Publication: The New Yorker

Publication Date: 03-SEP-07

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COPYRIGHT 2007 All rights reserved. Reproduced by permission of The Condé Nast Publications Inc.

Prior to the launch of the annual Hedge Fund Regatta, which took place in New York Harbor one recent mild evening, Michael Fortenbaugh, the commodore of the Manhattan Sailing Club, called the competing skippers together at the marina in Battery Park City. The mood was sober, and, while pre-race tension alone might have accounted for that, the past few weeks have been stormy ones in the hedge-fund industry. "Boat No. 1--that's the Connecticut Hedge Fund Association," Fortenbaugh said. "No. 2--that's Caxton Associates. No. 4: Alternative Investment Group."

Wait a minute--what happened to boat No. 3?

"Boat No. 3 got liquidated,"...

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