Piper Jaffray: A Steal Or A Sinking Star?By
Vulture investor Martin J. Whitman is positively gleeful. What misfortune is making this big-game value hunter so happy? The same event causing thousands of others so much grief: the derivatives debacle at Piper Capital Management Inc., an arm of Minneapolis-based Piper Jaffray Cos., the venerable regional brokerage. As the sharp upturn in interest rates brought huge losses to some Piper bond funds, the firm's stock plunged--and Whitman stepped in, spending about $9.5 million to amass a 6.3% stake. At an average price of $12 per share, "we got an absolute steal," he crows.
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