The death of Sidney, Nebraska: How a hedge fund destroyed ‘an real American metropolis’
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The death of Sidney, Nebraska: How a hedge fund destroyed ‘an real American metropolis’

SIDNEY, Neb. – Major Republican donor Paul Singer has completely about a followers in this metropolis of 6,300 other folks, where 80 p.c of voters backed Donald Trump in 2016.

“I’m hoping Paul Singer is satisfied with what he did,” Tim O’Connell, a neighborhood lumberyard owner, told Tucker Carlson Tonight. “I don’t know how he sleeps at evening.”

O’Connell and heaps different residents are peaceable plagued by the lack of sporting goods retailer Cabela’s, which kept its headquarters in Sidney till it merged with Bass Pro Stores in 2017. 

The metropolis’s mayor, Roger Galloway, told Tucker Carlson Tonight that the merger cost Sidney 2,000 jobs.

The sale of Cabela’s to Bass Pro Stores change into once launched in 2016, a year after Singer’s Elliot Administration disclosed an 11 p.c stake, and mentioned Cabela’s must explore a imaginable sale. Singer has earned the title of the “world’s most feared investor” and grew to alter proper into a billionaire by ways described as “vulture capitalism.”

After the sale announcement, the stock stamp surged and Singer’s hedge fund cashed out within a week. Elliott Administration reportedly made as a minimum $90 million.

“They bought in there to web the alternate sold and the alternate change into once sold, so they took it and ran,” Damien Park, managing accomplice at consulting firm Hedge Fund Solutions, told the Omaha World-Herald in October 2016.  “They made a fortune, so they’re satisfied.”

The residents of Sidney, nonetheless, had been left with out the metropolis’s main employer.

One ancient employee, talking on condition of anonymity as a consequence of danger of retribution, mentioned, “I cried the second I bought the phone name. I could perchance well well no longer aid it. I bawled.”

Galloway important that “Cabela’s change into once the keystone employer in metropolis. All the pieces, no longer everything, however most issues revolved around that.”

O’Connell, the lumberyard owner, told us that Singer “ruined Sidney.”

“Love I mentioned, it change into once an real American metropolis, an real solid USA metropolis and [he] correct destroyed it.”

Sooner than the merger, O’Connell’s lumberyard did huge alternate. Nevertheless over the last two years, correct one contemporary residence has been in-constructed Sidney, he mentioned.

Metropolis genuine Melissa Norgard told Tucker Carlson Tonight, “We had been going to web a up to date housing subdivision to fulfill housing desires … as a replace, we are working our tails off to verify out to resolve out a manner to continue to exist.”

Tucker Carlson Tonight came across the proposed subdivision.  It’s burly of empty heaps. The homes had been by no manner constructed.

Local residents told Tucker Carlson Tonight that it’s arduous for them to leave the metropolis as housing values own collapsed.

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Despite all of this, Sen. Ben Sasse, R-Neb., has by no manner commented on what took set to Sidney. Tucker Carlson Tonight reached out to his set of business to acknowledge if the senator has ever remarked on the Cabela’s merger and got no response. No feedback are on hand on-line.

Sasse, care for many different Republicans, is a recipient of Singer’s cash. The hedge fund owner gave the most donation to Sasse’s 2014 campaign.

In 2016, Singer change into once the second biggest donor to Republicans.

Elliott Administration declined to touch upon the chronicle when reached by Tucker Carlson Tonight.

Fox News’ Kyle Rothenberg contributed to this chronicle.

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