May 19, 2012 | 02:57 PM

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The Begining of the End at Fortescue Metals Group Limited ASX:FMG

The Beginning of the End at Fortescue Metals Group Limited ASX:FMG Major Financier Jumps Ship at Fortescue Metals Group Limited ASX:FMG Not surprisingly Andrew Forrest has worn out yet another lender, this time it is Leucadia the Manhattan-based investment fund. In itself, Leucadia's decision to sell is not troubling, however those that can remember Forrest's fiasco at Anaconda may be reaching for the sell button in the coming weeks. Good relationships with Forrest tend to end whenever a bill falls due, as I discovered at my own expense some time ago. Andrew "Twiggy" Forrest has done this before, at Anaconda Nickel (now Minara Resources), which has since grown to be one of Australia's single largest mineral exporters with its Murrin Murrin Joint Venture nickel project. But under Forrest, Anaconda was near collapse in circumstances resulting from major investors wanting out, in 2001 Forrest was a regular visitor to my Hong Kong office, on 911 2001 Forrest and I sat together all night in my suite at the Peninsula in Manila and watched in horror at the events of that terrible day unfold, enough to bond mates for life, or until the due date on that bill in Twiggys case. He was there to ensure my continued support of Anaconda and to borrow some money to clear his debts and move on to his next big thing (just in case Anaconda was lost), he would fix me up later "mate" he promised. In December 2001 he left my office with enough money to get going and pay off his debts. For months after he was my best "mate", until it was tme to settle up, at which point his assistant was my best mate and Twiggy was to busy to take my call. Now it seems another bridge has been burned, Leucadia was an early believer in Fortescue's ambitious plan to become Australia's ''third force'' in iron ore, and provided finance that was crucial to the company building its own railway to link its mines to Port Hedland. Leucadia National confirmed to US regulators that it sold 100 million Fortescue shares on January 25, in a transaction worth more than $US500 million. Leucadia said the sale would deliver a yield of more than $US417 million on the investment, and follows a selldown of 92 million shares in June 2011, and 30 million shares in 2010. Shayne Heffernan Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com Brokerage, Investment Management, Investment Banking, Emerging Managed Trading Account with Integrity and Stability THE BEST OVERALL MANAGED ACCOUNT SOLUTION, FIND OUT WHY, CONTACT US TODAY For More Information Contact Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management Sales@Heffcap.com Singapore 3 Raffles Place #07-01 Bharat Building Singapore 048617 Tel: +65 6329 6408 Fax: +65 6329 9699 Email : info@heffcap.com Bangkok Suite 53 Athenee Tower 63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 THAILAND Email : info@heffcap.com New York 347 5th Avenue, Suite 1402-508 NY, NY 10016 Email : info@heffcap.com // var _qevents = _qevents || []; (function() { var elem = document.createElement('script'); elem.src = (document.location.protocol == "https:" ? "https://secure" : "http://edge") + ".quantserve.com/quant.js"; elem.async = true; elem.type = "text/javascript"; var scpt = document.getElementsByTagName('script')[0]; scpt.parentNode.insertBefore(elem, scpt); })(); // // _qevents.push( { qacct:"p-test123"} ); // Get the Updates Daily Enter your email address: Delivered by FeedBurner Your use of any of the Websites or any of the Services (defined below) constitutes your agreement to be bound by and comply with the Website Terms and Conditions and your consent to the collection, use and disclosure of personal information as described in the Privacy Policy. If you do not so agree and consent, you are not authorized to visit or use our Websites or the Services. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. You must also accept that opinions on stock markets change minute to minute, opinions expressed my change at any time without warning. Opinions maybe influenced by ad sales and other financial consideration. This site does not offer any assistance in making financial decisions. Read the Terms of Service