Thursday, 21 August 2014
Last updated 12 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note