He did not feel his returns were up to par, so it looks like he went long calls hoping to put some good window dressing for end of year reporting. But instead he ends up with 200,000 dollars left. Writes a letter to his 50 investors, that he is sorry. http://www.cnbc.com/id/102356275
Maybe he saw the handwriting on the wall. With lagging performance, it was inevitable his investors would eventually pull out the $100 mill. I'm guessing his poor results in December caused him to revenge trade to try to make back his losses with devastating consequences.