Wall Street Bulldozes A Company, But FFH Won't Die!
The evidence is DAMNING! Today, Canadian Company, Fairfax Financial Holdings Ltd. (FFH) stock sits at $306.77 US Dollars a share, and no, I did not put the decimal in the wrong place, it's $306.77 dollars a share. FFH served a lawsuit against the "Enterprise", alleging that they engaged in a conspiracy to take the company down. Why? Simple. It's the money stupid. The Enterprise shorted the stock and wanted to profit off of the falling stock price. There was only one little problem. CEO Prem Watsa and FFH wouldn't die. The "Enterprise" went so far as to hire a team to destroy FFH. 1000 pages of evidence are being scrutinized, which I am told have just been scanned in, and will soon be released for our perusal. Here is a small sample of what is to come.
Excerpt from DeepCapture
"In the case of Fairfax, when the work of corrupt Morgan Keegan stock analyst John Gwynn and thestreet.com columnist Peter Eavis failed to get the job done, some “real” experts were called in; namely: Spyro Contogouris of MI4 Reconnaissance.
Contogouris and MI4 employee Max Bernstein were hired by Exis Capital Management, among the smaller of the half-dozen hedge funds comprising the “Enterprise” targeting Fairfax, in early 2005. Their primary mission was to gain access to material non-public information from sources in and around Fairfax. Their secondary mission seems to have been simple harassment of Fairfax executives, both public and private.
This effort got off to an impressive start, in the form of a 30-page document anonymously sent by Bernstein to Rev. Barry Parker, head of the Toronto church attended by Fairfax CEO Prem Watsa. The gist of Bernstein’s package was as follows: Prem Watsa bears a striking resemblance to a certain convicted swindler named Marty Frankel, and even if Watsa is not Frankel, Rev. Parker should beware and call Watsa to repentance for Fairfax Financial’s accounting.
In December of 2005, Contogouris and Bernstein created premwatsa.com, an attack site. In one exchange of instant messages, the two discuss how to use posts planted on stock message boards to build traffic to the site, and blithely speculate as to how Watsa and other Fairfax officers will react upon discovering it.
Meanwhile, Contogouris created a document, since discredited, dubbed “Fairfax Fraud Facts”, which he circulated broadly among journalists and analysts. This document sparked substantial negative coverage of Fairfax.
It was possibly in this context that, in an undated instant messenger exchange, Andrew Heller, manager of Exis Capital, told Bernstein: “tell spyro, bloomberg was taken care of, and he will receive payment.”
Continue to the site http://www.deepcapture.com/spyro-contogouris-and-the-gentle-art-of-hedge-fund-persuasion to see some of the latest evidence they have uncovered.
You can see some more of the damning emails here DeepCapture.com
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You can read the entire Fairfax Financial Lawsuit here.
FAIRFAX News Release
Stock Symbol: FFH.SV (TSX); FFH (NYSE)
TORONTO, July 26, 2006
FAIRFAX ANNOUNCES FILING OF LAWSUIT
ALLEGING STOCK MANIPULATION
Fairfax Financial Holdings Limited announces that today it filed a lawsuit seeking $5 billion in damages from a number of defendants who, the complaint alleges, participated in a stock market manipulation scheme involving Fairfax shares.
The complaint, filed in Superior Court, Morris County, New Jersey, alleges violations of various state laws, including the New Jersey Racketeer Influenced and Corrupt Organizations Act (RICO), pursuant to which treble damages may be available. Defendants include: S.A.C. Capital Management, LLC, S.A.C. Capital Advisors, LLC, S.A.C. Capital Associates, LLC, S.A.C. Healthco Funds, LLC, Sigma Capital Management, LLC, Steven A. Cohen, Exis Capital Management, Inc., Exis Capital, LLC, Exis Differential Partners, L.P., Exis Integrated Partners, L.P., Adam D. Sender, Spyro Contogouris, Max Bernstein, Andrew Heller, Lone Pine Capital, LLC, Lone Pine Members, LLC, Lone Pine Associates, LLC, Rocker Partners, L.P., Copper River Partners, L.P., David Rocker, Third Point LLC, Daniel S. Loeb, Jeffrey Perry, Trinity Capital Of Jacksonville, Inc., Trinity Fund, Ltd., Morgan Keegan & Company, Inc., John D. Gwynn, and Christopher Brett Lawless. Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, investment management and insurance claims management.
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You can find more about this issue on DeepCapture.com
Here are some former Now Public posts with some background on the FFH debacle.
Canadian Company Fairfax Financial Attacked From Down Under December 17, 2008 at 06:24 pm 305 views
TheStreet.Com - Captured Journalist Heaven December 19, 2008 at 04:39 am 117 views
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Pretty amazing that you don't see much coverage in the press about this. That is why, Patrick Byrne, CEO of Overstock.com started Deep Capture. The truth must be told.
Read Patrick's post on InvestorVillage
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Rocker was dropped from the lawsuit but can be brought back in.
Fairfax Judge Drops Rocker From Shorting-Scheme Suit (Update3)
By Thom Weidlich and Erik Larson Sept. 25 (Bloomberg) -- Fairfax Financial Holdings Ltd., owner of U.S. and Canadian insurers, lost a bid to keep former hedge-fund manager David Rocker as a defendant in a suit accusing several funds of trying to drive down its share price.
(stopped by to fix this link)
Liquidity Thy Name Is Madoff — Full Court Captured Press & SECby RoryKearney | December 17, 2008 at 05:26 am 1520 views | 11 Recommendations | 2 comments
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Much Thanks and Seasons Greeting go out to Now Public and all the great contributors here for giving us a forum to get the news out to the people of the world.
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