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Chairman and CEO Wesley Edens cashed in over $200 million in stock that day in February 2007. Some partners took home as much as $100 million. But investors who bought the stock at its hyped-up $35 opening – despite being priced at $18.50 – are deep in the red. Fortress [FIG
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] closed Thursday at $14.42.
FIG’s holdings – Gate House Media [GHS
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], Aircastle[AYR
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] and Brookdale Senior Living [BKD
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] – are sucking wind. So much so that Cramer said he thinks the company’s dividend is at risk. Especially if a Democrat takes the White House and raises taxes – right when FIG can least afford it.
What’s the biggest reason you should dump this stock? An IPO is a company selling itself. “So why should you buy it if [Wes Eden's] selling?” Cramer asked.
Click for the rest of Thursday's show |
“Don’t let the fallout from [Eden’s] calamitous mismanagement end up hurting you,” Cramer said. He’ll only “cause more pain if you don’t sell soon.”
Watch the full video for a point-by-point breakdown on why Fortress Investment Group is a sell, sell, sell.
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