Wednesday, 25 November 2015
Last updated 1 hour ago
Aug 29 2013 | 12:03pm ET
The almost-miraculous survival story of Ebullio Capital Management's Commodity Master Fund is at an end.
A Cayman Islands judge has ordered the commodities hedge fund liquidated at the behest of raw-materials trader Noble Group, which alleges that fund owes it roughly all of its remaining assets for two contract breaches. Those damages total US$4.9 million, according to Noble; the Commodity Master Fund has US$5 million in assets.
Ebullio denied breaching the agreements, arguing that it had an oral agreement to roll over the copper contracts. It has filed an arbitration claim against Noble.
Ebullio said the liquidation order does not affect its other funds "in any size, shape or form." The Southend-on-Sea, U.K.-based firm has some US$250 million in total assets.
The Commodity Fund has been limping along for more than three years, after it lost 96% of its value in the first two months of 2010.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…