Tag Archives: George Soros

Paul Soros, 87 Dies in New York City Home

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Paul Soros

Paul Soros, philanthropist and shipping leader, died on Saturday at the age of 87 in his New York City home, announced his son, Jeffrey Soros.

Soros, who is the older brother of famed billionaire George, was in ailing health. He was being treated for Parkinson’s disease, cancer, renal failure and diabetes when he passed away.

“Through his engineering innovations, philanthropy and personal relationships, he profoundly impacted many lives,” said his son. “He was loved dearly and will be sorely missed.”

Soros was born in Hungary in 1926, studied mechanical engineering in Budapest, and defected from his home country in 1948 when it was under the rule of the communist regime. Eventually Soros ended up in the United States.

Soros Associates was founded in 1956 and soon became a well-respected engineering and shipping company. Paul’s company forged several new practices that changed the bulk shipping industry. He also built new ports and offshore terminals in many countries.

Soros wrote dozens of articles on technical subjects as well as holding patents in material handling and offshore technology. Later on in his life Paul worked together with his younger brother George and invested in mining and industrial companies.

Tsakos Is Ready To Ship Out

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Tsakos Energy Navigation Limited is a favorite company of world renowned investor George Soros. The company has a negative p/e ratio. George Soros group bought 11,000 shares of the stock in the second quarter and since then it has gone down from about $10 to $5.92. I see that over the last three years, the company has had lower profits each year. I it still making money for sure and is not terribly in debt.

I think that the Soros Group did not expect it to go down or they would have waited to buy it.  Its true that it is near the bottom because there is only 5 more points to go down until bankruptcy. Why is George Soros holding onto this stock? Perhaps he expects it to go up as the economy turns around. The company is basically sound.

D. John Stavropoulos and Francis T. Nusspickel are among the officers who make the company go.

Pennant Park Is On The Money

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PennantPark Investment (PNNT) is a business development company which George Soros has on his top twenty list. PNNT loans to medium sized companies and provides mezzanine lending, leveraged finance, and distressed debt services. The company is well managed and has had a very low level of non-performing loans. Since PNNT founding in 2007, the company has raised almost $800 million in debt and equity capital. It has invested over $1 billion in 101 businesses and 54 financial sponsors.

Soros Fund Management LLC purchased 11,800 shares of PennantPark in the second quarter of 2011. Pennant Park has consistently paid dividends since its founding in 2007. Since then the dividend has increased by 92.8%. PNNT’s second-quarter balance sheet showed $28.8 million in cash. Pennant Park should be able to continue paying dividends.

Permanent Park also maintains independent directors. One of them is Marshall Brozost, who is a lawyer with experience in finance, mergers and acquisitions, restructurings and private equity. In capacity as a director he helps the company with overlapping legal and financial issues. Interestingly, Guy F. Talarico, the Chief Compliance Officer, who works in finance, is also certified to practice law.