Wednesday, 31 August 2016
Last updated 19 hours ago
Sep 3 2008 | 10:45am ET
A Cambridge Place Investment Management mortgage-bond hedge fund is pushing investors to approve the appointment of KPMG to manage its liquidation.
Caliber Global Investment, among the many victims of the subprime mortgage crisis, sent a notice asking shareholders to OK the hire of KPMG at an extraordinary general meeting on Sept. 26, Bloomberg News reports. Under the proposal, Cambridge Place will continue to advise the fund after a liquidator is named, but will not collect management fees.
Caliber, which has $9.9 million in assets, boasted some $908 million in U.S. and European mortgage-backed securities in March of 2007, just before the credit crisis began claiming victims. A year later, it managed just $176 million.