Sunday, 26 April 2015
Last updated 1 day ago
Oct 6 2010 | 12:26pm ET
Polygon Investment Partners has accelerated its plans to finish the wind-up of its flagship hedge fund, promising to return the remaining $1.2 billion within six months.
The London-based hedge fund told investors on Monday that they would have their money back by March 31, Bloomberg News reports. The move is something of an about-face for the firm, which in May told investors in the Polygon Global Opportunities Master Fund they could redeem their remaining investments now, but only at a 25% discount. Clients who balked at that haircut were warned it would take until 2012 to liquidate the portfolio.
It also follows a petition from some investors—including UBS—filed in August seeking an independent liquidator for the fund. That petition has been dropped.
Polygon shuttered Global Opportunities two years ago, after it lost 48% in 2008.
Some half of the remaining assets are liquid. The rest are less liquid and will be auctioned off this year. Investors will also be given the option of holding on to the illiquid investments, rather than selling them at fire-sale prices, in a new fund managed by Polygon.
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…