Joseph Lewis Loses Half of Fortune from Bear Stearns
One casualty of the Bear Stearns buy out is Joseph Lewis who lost nearly half his fortune:
Joseph Lewis, the billionaire investor who bought 9.4 percent of Bear Stearns Cos. last year, lost $1.16 billion on his stake after the firm agreed to sell itself to JPMorgan Chase & Co. yesterday for $2 a share.
Lewis, the New York-based firm’s second-largest holder, paid an average of about $107 apiece for 11 million shares, according to a filing submitted last year to the U.S. Securities and Exchange Commission. Bear’s biggest investor at year-end was money manager Barrow Hanley Mewhinney & Strauss Inc., whose 9.7 percent holding has fallen by $991 million.
Don’t feel too sorry for him. He’s still a billionaire. He just won’t be able to brag to friends about being #369 on Forbes’ list.
“Lewis, Barrow Hanley Lose Combined $2 Billion on Bear”
