Paulson Dumping Sino-Forest May Cost Clients $720 Million
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John Paulson’s $37 billion hedge fund sold its entire stake in Sino-Forest Corp., the Chinese tree-plantation owner accused of overstating timber holdings, dealing investors a paper loss of C$705 million ($720 million).
Paulson & Co., which held 34.7 million shares of Sino-Forest as of April 29, said in a filing yesterday that it had disposed of the stake as of June 17. The New York-based firm’s holding was worth C$815.80 million when it was disclosed. Its value had dropped to C$110.69 million by the end of last week. The actual loss may vary depending on when Paulson bought and sold the shares.