Hedge Funds that bought at $1.50:
Park West Asset Management LLC ($760M portfolio) bought 7,912,547 shares
Harvest Capital Strategies LLC ($1.3B portfolio) bought 3,666,667 shares
Renaissance Technologies Corp ($38.1B portfolio) bought 1,148,700 shares
Alyeska Investment Group, L.P. ($1.5B portfolio) bought 1,334,268 shares
All the above held as of 6/30/13 when the stock was $1.40, and the price has only fallen since then. So, they didn't flip their shares between $1.80 and $2.10 like some would like us to believe. Given that VELT constitutes only a teeny weeny fraction of their total portfolios, I don't believe they did any window dressing on this position in the past 3 months. We should get a definitive answer when we see their positions on 9/30.
Institutions that are still holding from above $2:
Fidelity Management and Research Company ($678 BILLION portfolio) holds 7,127,908 shares.
Columbia Wanger Asset Management, LLC (23.4 BILLION portfolio) holds 800K shares.
That's 22M shares right there or about a quarter of the OS.
At least I was right about this. The hedge funds that bought at $1.50 were holding all their shares except 1.2M shares sold by Park West as of 9/30. That's 14M shares plus 12M with Fidelity and few others. About 30M 'big boy' shares were wrong about Ross and Baker. I bought 70% lower than these jokers and still got creamed. These #$%$ wipes in San Fran did a great job concealing the rotting corpse. I didn't think I'd say this but I don't mind seeing them in jail. Where are the lawyers when you really need them? LOL...
Big money often has a better inside track to company management. They may not take your call but I guarantee when a fund holding 50 million dollars worth of stock calls they answer. Still the reality is they don't know the future and often neither does company management. The world is just too complex for anyone to get a full handle on. That said the BK should have been no surprise. It was blatantly obvious looking at their cash situation and it would have been shocking to not find the company where it is today. I have to say I personally have little sympathy for the longs. This company was defrauding developers for ages and I didn't see any sympathy from the longs. Karma is a #$%$ and it landed on your collective faces. You will be standing in line behind everyone else and you aren't getting anything back.