Did Nick Calamos ever really add value to the investment process? Or did he just collect a salary and implement his Uncle's macro bets? Ever see an interview with Nick Calamos? He came across like a meat head to me. What I do know, being a former member of the Chicago investment community, is that nobody worth their salt ever interviewed at that shop. It had a bad rep, but I never bothered to find out why. Could have been Nick, but I don't know that for sure. Either way, he is gone now. Don't see Calamos as having enough scale to survive as a mutual fund complex. My guess is the family sells it for whatever they can get, which probably won't be much.
Basically your post says to me that you don't know what you are talking about -- on a variety of levels. How much scale do you think they need to make an incredibly pretty penny? Calamos has plenty of assets and a nice niche but horrible management. But it is John's firm and he can (and does) do with as he sees fit. Add up the turnover on the sales and marketing side of the business over the last 5 years and ask John if he would ever invest in a firm with that kind of track record.