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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Paul Kern	10/28/2008 8:13:52 AM
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(Reuters) - About half of the investors in T. Boone Pickens' energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60 percent this year, the Wall Street Journal said, citing people close to the matter. Pickens and his investment fund have lost $2 billion since peaking in late June, Pickens told the CBS program '60 Minutes' on Sunday. His fund, BP Capital, will have about $400 million to $500 million after expected withdrawals, the Journal said. A few weeks ago, Pickens moved the fund almost entirely into cash to help ride out the volatility in the energy patch, the paper said, citing people close to the matter. Pickens is expected to personally hold about 20 percent of the fund after the withdrawals and after he does some selling along with his investors, according to the paper. He has lost an estimated $400 million or so in his funds this year, according to the paper. Pickens could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Chris Wickham)

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