And another short seller has lobbed a Molotov cocktail at a market darling! Precisely seven months since Soren Aandahl (then of Glaucus, now of Blue Orca) – more shit stirrer than short seller – launched a devastating attack on Blue Sky Alternative Investments from California, Aussie hedge fund VGI Partners has turned its guns on Corporate Travel Management. Blood in the streets stuff, this capital markets caper now is.

Aandahl's was a masterful marketing play, (for lack of borrow) little more than $1 million staked on Blue Sky's downside. VGI, though, stands to book big gains (or heavy losses), with nearly $60 million bet on a Corporate Travel plummet.