New Fuel Now – By Guy Bennett
Follow Smart money?
On May 27th 2010, Petromanas Energy (TSX: PMI.V) announced they had oversubscribed their $75 million private placement with two large investment funds taking down 72% of the offering. It looks like the so called “smart money” investors are starting to take notice of this story.
The legendary George Soros’ fund, Quantum Partners Ltd., a private investment fund based in Curacao and the Cayman islands picked up 72,500,000 units representing 39% of PMI’s private placement. Soros is famous for “breaking” the Bank of England, and forcing it to devalue the pound. In 1992, Soros bet his entire fund in a short sale on the prediction that the British currency would drop in value, earning him a tidy profit of roughly $ 1 billion. According to Forbes Soros’ net worth is in the upper of $14 billion which I would say equals “smart money.”
