Greenwich Time has finally published the Neil Vigdor article on Antares, our latest example of what happens to foolish people and their money in Greenwich. I’m linking to the Connecticut Post, which posts GT stories earlier than our local rag itself, I don’t know why and, though there’s no mention of more to come, surely there must be. This is just a snippet of the Boys’ pratfalls, hubris and greed and the best is, I hope, still to come. If you’ve passed by the empty, “fully leased at record rents” UST building lately, you’ll get the drift.
They built backcountry spec houses the size of big-box stores, sat behind home plate at Yankee Stadium, and partied like rock stars with black metal American Express cards.
But Antares Investment Partners had a darker side. The same alpha male executives who loved the trappings of superwealth also risked hundreds of millions in investors’ money on overleveraged, underperforming deals and tapped financiers who lined up to provide cash, never looking closely enough to see the cracks in the high-flying company’s facade.
“I said to myself, ‘This is going to end badly,'” said Matthew Allen, 37, an asset manager who worked for Antares from September 2006 until he was laid off in October 2007.
UPDATE: 10:15 AM: The story is now on the Greenwich Time website. It is, as readers said, intended to be a three-part series, so that should be fun. And this link has pictures and even a video of GT reporter Neil Vigdor having a “frank and fruitful discussion” (hey Walt, how’s that for the name of Fudrucker’s Disocount Real Estate?) with someone at “Lake Carrington”.
UPDATE II: from Brother Anthony:
The article states, “There was no real rhyme or reason to the choice of [of the name ‘Antares’]” but it was a prescient choice regardless. Antares, a bright star in the constellation Scorpio, is a red giant; vastly larger than our sun but with far lower density. Because of insufficient mass, red giants eventually implode and become white dwarfs. If there is a better metaphor for those Antares kidz I don’t know it.