Damn. Everyone takes a loss here and there but I guarantee there aren’t many people that have taken a loss that Joe Lewis took Monday. Here are the details.
Joseph Lewis, the billionaire investor who bought 9.4 percent of Bear Stearns Cos. last year, lost $1.13 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 $958 million.
Wow! I don’t feel so stupid paying $200,000 for that Illinois shaped CornFlake