Dan Loeb Runs Aground – Dealbreaker

It’s not what you’re thinking: Dan Loeb himself, as an investor, is doing quite well, thank you very much, in spite of the occasional misstep and his fury over what his president’s SEC proposes to do to investors like himself. It’s about his yacht. You remember Dan Loeb’s yacht, right? Used to be Sandy Weil’s, is 200 feet long, cost $50 million or so? Anyway, that yacht gets rented out to rich people who are less rich than Dan Loeb but still have $360,000 a week to spend yachting around the Caribbean or wherever. Like, say, Belize’s precious coral reefs.

The incident came to light after a video was posted online showing the vessel’s anchor wrapped around live corals at the Unesco World Heritage site….

Wright Maritime Group, the company that manages Mr Loeb’s yacht, said the vessel’s anchor had “inadvertently” dragged through the coral while moored on a patch of sand.

Well, California Boy Dan Loeb needs you to know that he’s as busted up about this whole thing as the Lighthouse Reef itself.

“As a life-long surfer and someone who loves the ocean, I was horrified to hear about this incident in Belize. We promptly contacted the Belize Audubon Society (a conservation group) and are committed to working together to restore the reef.”

A lovely sentiment, to be sure, but apparently also a complete vacant and useless one.

“These very fragile ecosystems are under significant stress already,” he said, citing rising sea levels and CO2 levels. “So any additional stress that’s placed on them, the reef in that location where it’s been damaged has probably not got the capacity to recover.”

Daniel Loeb’s superyacht in dock after anchor hooks coral reef [FT]

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