Wednesday, 27 May 2015
Last updated 48 min ago
Jun 20 2007 | 10:29am ET
Bear Stearns suffered a major setback in its effort to save one of its hedge funds, but the fear of its failure to do so may push the bailout through.
Merrill Lynch, one of the three lenders to the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage Fund that helped precipitate the crisis with margin calls, indicated it was going ahead with a plan to auction $850 million in assets it seized from the hedge fund last week after a 24-hour delay, The New York Times reports.
Negotiations are reportedly ongoing, but Bear’s insistence on a 12-month freeze on collateral calls continues to garner opposition. But the alternative, a widespread sell-off of the hedge fund’s assets leading to the fund’s dissolution, could roil the markets and undervalue the fund’s securities, an unpalatable scenario for many of the lenders.
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…