market folly

John Paulson's hedge fund firm Paulson & Co has filed a 13G with the SEC regarding shares of Synthesis Energy (SYMX).  Per the filing, Paulson & Co has disclosed a 11.7% ownership stake in SYMX with over 10 million shares.

This is a newly revealed equity position for the hedge fund and the disclosure was made due to portfolio activity on April 14th. 

On this date, the company announced a direct placement of 12 million shares to accredited investors.  While Paulson was not specifically named, it seems likely that this is where their stake was acquired.

Per Google Finance, Synthesis Energy is "a development-stage global energy and gasification technology company that provides products and solutions to the energy and chemical industries. The Company provides technology, equipment and services to global projects which involve the conversion of low quality coals, coal wastes, municipal wastes, agricultural biomass, and other biomass feed stocks into clean synthesis gas (syngas)."