...and from the "fair and balanced" ET side... TM is a POS rag and the Post is about the same, so no big deal Tim. Stay in the game. Put up some good numbers for a couple years and you'll be back.
Powerless to cut losses? Having been a full time trader for 12 years I can say that no trader is "powerless" to cut losses. All it takes it hitting the "Sell" button and ACCEPTING that your trade (investment) was a bad one. Refusing to take losses is why most traders wash out. I just did a quick search ... if this Cygnus is the cause of your losses then you're in total denial if you continue to hold this POS -- garbage that trades on the Pink Sheets. Accepting and taking losses is part of the game.
A trader IS powerless to cut his losses when he owns RESTRICTED SHARES. The situation stinks, but there's NOTHING I CAN DO ABOUT IT
I don't blame anyone but myself---but I do blame people for judging me and making assumptions before they know all the details first.
September 21, 2007 -- A WALL Street war has erupted between influential Trader Monthly magazine and boisterous money manager Timothy Sykes, who says he was rudely disinvited to its "30 Under 30" party at Gold Street restaurant celebrating young financial whizzes after his once-mighty hedge fund tanked. "Everything was fine, and then I get a call from their p.r. lady telling me I was no longer invited," Sykes, star of last year's Internet reality show "Wall Street Warriors," told Page Six. "Then I spoke with the editor-in-chief, Randall Lane, and he said I wasn't welcome. My friends couldn't believe it - they were like, 'What did you do to him, screw his girlfriend or something?' " Lane says Sykes is a shameless publicity hound whose Cilantro Fund lost a third of its value since last year. In an e-mail to Sykes, he wrote: "Acclaim comes with performance. While you've been busily self-promoting, your track record this past year for yourself and your investors has been pitiful. Laughably horrid. If you ever again become a real trader - rather than ignore the hard work required to instead play one on TV - you'll be welcome in our community. "Until then . . . we will have nothing to do with you, as we celebrate those who actually perform versus those who pretend to." What a difference a year makes. In 2006, Sykes was not only the star of the "30 Under 30" bash, he was written up in the Times for turning $12,415 of Bar Mitzvah gift money into a $1.65 million fortune and launching Cilantro Fund Management, which became top-ranked by Barclays. But Cilantro has suffered major losses, and in his new book, "An American Hedge Fund," Sykes slams the market, writing: "I would like to thank the thousands of inept corporate management teams, shady brokers, boiler rooms, stock promoters, market manipulators . . . for your endless scheming and undying greed without which my fortune would never have been possible." Lane told us Sykes no longer fits in with Trader Monthly's audience: "This guy has decided to become Mr. Media as his hedge fund loses money." But Sykes said Lane and his magazine are losing face. "For the editor-in-chief of a magazine I used to worship, this is crazy," he said. "It's a slap in the face."
This was mentioned in the August Trader Monthly magazine on page 79 in the intro to the "30 under 30" article. To quote TM, "You won't see Cilantro's humility-challenged Tim Sykes, who in the past year has gone from wunderkind to Ryan Leaf-like laughing-stock." Any press is good press as long as they spell your name correctly. Right?!
Then the question becomes "Why do you hold restricted shares to begin with"? And if this is in your fund then I'd think anyone who is invested would be PO'ed to find out some of their money is tied up in such a stock. Granted I don't know all the details but from the little I've read it seems to be a questionable investment.
Here's an idea for ya Absolute Capital Management is reeling. Redemption requests have poured into the $2.1 billion hedge fund complex. Unfortunately, like other funds, it is caught with a lot of illiquid securities and it will not be easy to sort it out. It has come up with a novel plan. According to FINalternatives, the firm is restructuring the funds to set up a "side pocket share class structure," transferring illiquid positions into separate portfolios. Investors will soon hold two types of shares: one for the liquid portfolio and one for the illiquid portfolio share. It would also require a 12-month lock up. Can it sell investors on the idea? Maybe. The fact is that it might represent the best way to salvage their investment. It all depends on how the two share fare. It's possible that the liquid shares could offset the illiquid shares a bit