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Stock investing is supposed to be less risky than commodities trading. Lucien Thomas Baldwin III, a LaSalle Street legend, is finding out that's not always the case.
The former master of the Treasury bond pit is an investor-a huge onein a tech-related firm whose stock has plunged some 80% in two months, shriveling the value of Mr. Baldwin's 3.7 million-plus shares. On paper, he's down tens of millions of dollars.
just like his staggering appetite for super sized positions at the Chicago Board of Trade (CBT), Mr. Baldwin's 31% stake in California-based Nhancement Technologies Inc. has caused a few jaws to drop.
When he was named an Nhancement director last month, the company praised what he brought to the table "leadership, guidance and considerable contacts in the investment community."
Neither he nor the firm, a software provider to the telecommunications industry, would return calls seeking comment.
Mr. Baldwin's role was questioned in a conference call with investors on Dec. 19, the day Nhancement restated results, causing its stock price to drop nearly half, to less than $5, amid short-selling pressure.
Mr. Baldwin's heavy buying had helped drive the stock to a lateOctoher peak of $25.25. His last reported purchases ranged from $15.09 to $24.19, according to...