Other titles for this post could be “This is why Gringos should not invest in what they don’t know” or “This is how Argentina screws foreign investors” or “Argentina’s government not Goldman Sachs is the real vampire squid“…

According to a regulatory filing yesterday (via Bloomberg), hedge fund Eton Park Capital Management LP raised its stake in YPF SA (YPFD)  in the first quarter right before Argentina took control of the oil producer (Kirschner and Co. seized 51 percent of YPF from Spain’s Repsol on April 16), causing the stock to plummet 50%.

According to Bloomberg, Eton Park, a hedge fund run by former vampire squid Goldman Sachs Group Inc. (GS) partner Eric Mindich, bought a stake worth about $339 million at or before March 30 just to see it diving to $170 million based on yesterday’s closing price of $14.22.

And this is where it hurts the most: YPF was Eton Park’s third- largest holding at the end of the first quarter. Not only that, but Eton Park was also Buenos Aires- based YPF’s fourth-biggest shareholder after the government, Petersen Group and Lazard Asset Management LLC.

But wait… there is more! Apparently, Eton Park’s Eric Mindich loves Argentinian companies: Eton Park is the second-biggest outside holder of ADRs in Argentine energy company Pampa Energia SA, and if it wasn’t for Argentina’s government barring Eton Park from investing in an electricity transmission company in 2007, it would probably have been by now one of its largest shareholders too!

Our final note: If you’re in need to learn some sweet strategies to burn cash quickly, call 1-800-ETON-PARK.

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