market folly

John Paulson's hedge fund firm Paulson & Co has filed a 13G with the SEC regarding shares of Overseas Shipholding Group (OGISZ).  Per the filing, Paulson now owns 19.35% of the company with over 61.38 million shares. 

This is a newly disclosed position as it has not appeared in their SEC filings previously.  The company recently emerged from Chapter 11 and so it's also possible that Paulson was involved beforehand via a distressed play.  The filing was made due to activity on August 31st.

Per Google Finance, Overseas Shipholding Group is "a tanker company engaged primarily in the ocean transportation of crude oil and petroleum products. The Company’s vessel operations are organized into strategic business units and focused on market segments: crude oil, refined petroleum products and the United States Flag. The International Flag Crude Tanker unit manages International Flag ultra large crude carrier (ULCC), very large crude carrier (VLCC), Suezmax, Aframax, Panamax and Lightering tankers; the International Flag Product Carrier unit principally manages LR1 and MR product carriers and the United States unit manages the Company’s United States Flag vessels. In August 2014, the Company announced that it has emerged from Chapter 11 as a newly reorganized company."