it is immaterial as he made $18 million dollars from his previous 9 million shares.
he sold but still has 7 million shares to participate in the coming buyout, thin about it. he has dividend but no capital gain according to the way the company treated the $2 it payed on 12/21/12
I already responded to you on Feb 28th when you asked...why don't you just read up, he hasn't lost money yet. He sold some of that position you are talking about when it was far above his purchase price. Some he was down.
Baupost Sold 1.15 million shares in Q4 2012. Before that he had just over 9 million shares with a cost basis around $10. They sold 2.3 million shares in Q4 2010, making about 20% on those shares. Their high point was 10.4 million shares in Q3 2010. They have had 9 million shares from Q1 2011 until last quarter. That said, they did sell at a loss, significantly. Overall, including the $2 a share dividend, they are probably at break even or slightly down on "realized" trades on ENZN. They need a buyout price of around $8 to break even, by my calculations. I am sure a 3.5 year investment to get a break-even return is not what he had in mind, but thats the way it goes... Less