ReportonBusiness.com- InterOil Corp., which is seeking to develop a liquefied natural gas project in Papua New Guinea, appears to have lost a believer, as a hedge fund run by one of the U.S.’s richest men has sold all of its shares in the company.
According to a filing Tuesday with the U.S. Securities and Exchange Commission, Pittsburgh-based Duquesne Capital Management LLC now owns no shares in InterOil, which is listed on the Toronto Stock Exchange.
The fund, which is run by Stanley Druckenmiller — a former lieutenant of George Soros and the U.S.’s 91st-richest man – had previously owned around 2 million shares in the company, which has a market capitalization of $615-million. Duquesne has been selling those shares off for the past year.
