Though Alden Global Capital generated blockbuster returns in 2009, the firm has struggled to repeat those gains this year.
The Alden Global Distressed Opportunities Fund is up only 2.9% through July, a far cry from its 186.9% return for 2009. The fund fell 11.7% in May and another 8.4% in June, though it returned to positive territory for July with a gain of 1.63%.
The firm was launched in October 2008 by distressed-debt market expert Randall Smith, who helped train some of the industry’s most notable names, including Avenue Capital Group chairman Marc Lasry; Jim Bennett of James Bennett Management; and Smith’s son-in-law, Doug Teitelbaum of Bay Harbour Management....