14 April 2007

More on the Solengo Brochure

For background, see Monday's entry.

The one-paragraph version is that Brian Hunter, who lost billions on natural-gas related speculation last year working for a hedge fund named Amaranth, is creating a new fund, to be called Solengo. He e-mailed the marketing brochure for this new project, and (since little effort was made to avoid this) bloggers got hold of it. Hunter hired lawyers, a firm with the Kiplingesque name Kobre Kim, to start suing those bloggers.

So what's new? The Cobra and Kim have, to give them credit, had some success getting the pamphlet removed from various places. For example, if you use the url that I gave you for it on Monday, you'll get to an error notice. "The page you are attempting to access has been removed because it violated Angelfire's Terms of Service."

But Angelfire seems to have reconsidered, or to have failed to notice ... this.

Or perhaps it was just that when the lawyers aren't actively breathing down its back, AngelFire isn't concerned about the particular "terms of service" at issue. By now, of course, anyone who is interested has had plenty of time to download it. If you don't have it in your harddrive yet, ask somebody who has, and the old e-mail trick will do its duty.

But if the lawyers are going to get paid to play twister, they'll do so. I'm a recovered lawyer myself. The mantra of the species is "webillbythehour." Ommmmm.

Sadly, Dealbreaker, one of the two blogs that started the whole thing, the ones who first shouted out "right foot, red!" have agreed to a temporary injunction keeping this matter off of their site until a full hearing.

What are the big secrets in the brochure? Psst. Come closer. Solengo plans to create a series of "sector specific" funds in, among other things, base metals, crude oil, and UK natural gas.

That's it. Not really. But that's about as secret and proprietary as it gets. The great secret that Solengo and its lawyers are working so hard to protect is that their plans are quite common-place and jejune. They are working hard to protect an unearned air of secrecy.

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