HolyCoast: Breck Girl Has Pirate Booty
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Wednesday, May 23, 2007

Breck Girl Has Pirate Booty

No, the title is not referring to John Edwards' rear end, but to a stake he apparently has in a $500 million sunken treasure:
The question of the day: Just how much of the $500 million sunken treasure found in the Atlantic last weekend belongs to Democratic presidential candidate John Edwards?

I put a call in to Edwards' campaign yesterday morning to find out, but I haven't heard back yet.

The reality? The populist one-term senator will get an undisclosed piece of the action from the sunken 17th-century galleon.

The ship, laden with gold and silver, was found at the bottom of the Atlantic by a little-known exploration company, Florida-based Odyssey Marine Research (OMR - Cramer's Take - Stockpickr - Rating).

Even less well known is who owns OMR.

Biggest shareholder: New York-based Fortress Investments, a private equity and hedge fund manager. Senior adviser and major investor: John Edwards.

Edwards' personal financial disclosures show he's an investor in the exclusive Drawbridge Global Macro Fund, which owns the 9.9% stake in OMR.

Ten percent of $500 million. After costs, of course.

You can buy a lot of $400 haircuts with that kind of money. Now maybe he won't have to charge $55,000 to give speeches on poverty.

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