Sunday, 24 May 2015
Last updated 2 days ago
May 27 2010 | 4:04am ET
Investors stuck in Polygon Investment Partners’ biggest hedge fund are being given the chance to get out, if they’re willing to accept a pretty severe haircut.
The London-based hedge fund said it will allow clients to redeem their investments, but only if they leave a quarter of their money behind. The US$3.7 billion Global Opportunities Fund suspended withdrawals in October 2008, a year in which the fund lost 48% of its value.
Polygon has already returned about half of the fund’s money, but has warned it will take until 2012 to free up the rest.
“We are pleased to have been able to offer this opportunity to those of our investors that had an immediate need for some liquidity,” Polygon’s Paddy Dear said.
According to Bloomberg News, investors representing only about 5% of the fund’s assets have taken Polygon up on the discounted redemption offer.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…