Billionaire developer, currency trader bets on Bear Stearns |
| MarketWatch - Sep 11, 2007 |
Bear Stearns Cos. Chairman and Chief Executive James Cayne was roughed up by the New York press this summer for leaving the office early to play golf as his company battled the biggest crisis of its financial life. At least one of his fellow duffers seems to have forgiven him.
Joseph Lewis, a former waiter at his father's eatery in London's East End, according to British press reports, has invested $860.4 million in Bear Stearns shares. Through several investment vehicles, he now owns 6.97% of the company's stock, outpacing Cayne's own holdings of about 5%, according to filings with the Securities and Exchange Commission.
Lewis, who is 70, built his fortune through real estate investments and currency trades and likes to rub shoulders with famous athletes. In 2000, he paid about $2.1 million at a charity auction to play golf with Tiger Woods and Mark O'Meara. Woods and fellow pro Ernie Els are currently investors in a $1.3 billion private residential community being built in the Bahamas by Lewis's main investment company, Tavistock Group.
Read Full Article from MarketWatch
- Posted: 2007-09-11 10:37:58
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