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Step forward, Bear Stearns analyst Saul Martinez who – in a brilliant display of contrarian bravado – last night cut Scottish Re (NYSE:SCT) from peer perform to underperform. SCT dropped a mere 75% Monday after announcing a profit warning, the resignation of its chief executive officer, and getting a mention in The Wall Street Journal in the context of whether or not famille Wyly adequately met its obligations to the Internal Revenue Service.

Likely to have been caught in the slump, according to the not always entirely reliable Yahoo! Finance, citing Mar. 31 filings: Fidelity, with five million shares, including 1.94 million in its Balanced Fund; Leon Cooperman’s Omega Advisors, with 1.56 million shares; and Bruce Kovner’s Caxton Associates, with 1.3 million shares. Not that in any of those cases would the SCT plummet move the big needle more than a millimeter, if that.

Bear Stearns Cut Scottish Re Group to Underperform
Business Week Jul. 31 2006

How Tax Shelters Brought Trouble To Billionaire Clan [$$]
by Glenn R. Simpson
The Wall Street Journal Jul. 31 2006

Scottish Re (Yahoo! Finance)

ScottishRe announcements
Scottish Re Group Ltd Issues Earnings Warning

Scott E. Willkomm Resigns as President and Chief Executive Officer

Source: Scottish Re Gets Belated Downgrade From Bear Stearns