Original sentence: It appears junior partner Peter Schoels has been promoted to the #2 post, much to many limited parters' dismay.Many limited partners have expressed dismay at the management changes and are not considering investing in a fourth fund, making it highly unlikely that such a fund will ever be raised.MatlinPatterson has come under intense investor ire as many of its investments have flamed out during the recession.Peer distressed investors are shocked at the dismal performance, with rival fund Apollo making open statements to MatlinPatterson's ineptitude to even navigate these markets as a distressed investor at an investment meeting with several limited partners in June, 2009.Perhaps the most challenging aspect to MatlinPatterson's future is the enormous amount of money lost in the past year: $500 million on the ill-timed and poorly led/conceived Thornburg Mortgage investment, the $400MM on various homebuilders before they finally sunk $650MM into Standard Pacific, which continues to be challenged.There have been other significant flameouts, which has led to many limited partner investors seeking to sell their investment share in the secondary market.This has caused surprise within the investment community as Peter has been responsible for many money losing investments since joining MatlinPatterson and current employees have expressed dismay as Peter has yet to do a money generating deal in his career
Edited sentence: MatlinPatterson has been reported to have lost large sums since 2008, including: $500 million on its Thornburg Mortgage investment, $400 million on various homebuilders before they investing $650 million into Standard Pacific.MatlinPatterson's performance has come under investor scrutiny during the 2008-2009 recession