Rumor: Bright Trader blows up and loses millions

[trackstar]

Quote from syswizard:

Please, DO TELL. (What's the story here ?)

John Arnold is a monster. Just wiki him.

 

[arbs-r-us]

Quote from Don Bright:

Not correlated pairs, directional trading of ELAN primarily. He had made a few million, he lost that plus a couple. I'm sure he'll make the losses up....he's a stand up guy....and a friend of my brother.


Once again....... a bit irritating of course, but zero effect to Bright Trading.

All the best to everyone,

Don

I would suggest the number may be a "tad" higher because when that news broke, there was approximately 1.2 million shares sold in what appeared to be 3 massive 400k share chunks from 11 down to 10. No institutional player would have liquidated in the post market hours. I bought 250k from one of these orders from 10.50 to 10.10 - yes it paid nicely.

 

[syswizard]

Quote from trackstar:

John Arnold is a monster. Just wiki him.

This is him ? Billionaire ?
http://en.wikipedia.org/wiki/John_D._Arnold

 

[trackstar]

Quote from syswizard:

This is him ? Billionaire ?
http://en.wikipedia.org/wiki/John_D._Arnold

yep

 

[syswizard]

OK, he IS a monster, trading-wise.
......but what happened in those first 6 months at Centaurus ?
Were they down big or what ?

 

[Don Bright]

Quote from traderking:

Quote from Don Bright:




Sorry to hear, Don..my brother has the same thing. One of the easiest cancer to treat if caught at early stage but can also get complicated. Please take care of yourself. I know that you are dedicated to the business...but take few days or weeks off & rest, even if you feel that there is nothing to recover from. I wish you good & fast recovery.

Even workaholics need time off, especially after surgery. ET will not change overnight. There will always be rumors to respond to when you come back. ..health comes first.

Thanks...I've had several surgeries, but this one had several tumors cut from my head, especially the top of my head... pretty painful...hanging out at home for a couple of days...

Don

 

[trackstar]

Quote from syswizard:

OK, he IS a monster, trading-wise.
......but what happened in those first 6 months at Centaurus ?
Were they down big or what ?

Don't know about his career at Centaurus but when he was working for enron he punked some firm that was overleveraged in a natural gas position I believe. I think over 40-50% of his wealth was from that.

 

[jem]

I am not sure if we are talking about the same trade. But if by punked you mean gave them a don't know or did not deliver - you might be correct.

One of the traders in my office (back then) worked for an energy trading concern in Greenwich.

Enron - screwed them out of millions so they had to close their doors and not deliver on their trades.

 

[atticus]

Quote from trackstar:

Don't know about his career at Centaurus but when he was working for enron he punked some firm that was overleveraged in a natural gas position I believe. I think over 40-50% of his wealth was from that.

The wiki states that he earned $8MM in his final year at Enron and used the funds to start Centaurus. He earned $750MM for Enron that year, but netted $8MM personally.

 

[trackstar]

Quote from jem:

I am not sure if we are talking about the same trade. But if by punked you mean gave them a don't know or did not deliver - you might be correct.

One of the traders in my office (back then) worked for an energy trading concern in Greenwich.

Enron - screwed them out of millions so they had to close their doors and not deliver on their trades.

thats my definition of punked