Karl Seigerling of Cadence Capital (CDM) is the Investment Manager, and has 22 million skins in the game. CDM at one stage held 18% of their fund in ARQ (now 4% due to the drop in ARQ) and CDM this year “lost” approx $50 mill. Karl was in the position of influence, HAD skin in the game, had a bad strategy of holding too much of ARQ, and he alone as the primary manager of the fund and probably the largest shareholder, did as far as I’m concerned “permanently destroy value”. Maybe not permanently in the true sense of the word, but probably for longer than I’ve got to live; and for me, that’s permanently.
Have a look at a chart of CDM, Karl didn’t have to DRIVE it downhill, even in a billycart all you had to do was steer !
ARQ chart, page-85
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