Tontine Associates, the once-high-flying Greenwich, Conn., hedge fund shop yesterday told investors that it will shutter two of its four funds.

The $9 billion firm, run by former Associated Press reporter Jeffrey Gendell, will liquidate Tontine Capital Partners and Tontine Partners. Gendell broke the news to investors during a conference call; he gave no indication of precisely when the funds would be wound down.

Both funds have been wracked by enormous losses this year, with Tontine Capital falling 76.8% through last month, when it lost an incredible 65.7%, and Tontine Partners losing 67% through September.

The decision to close the funds was first reported by CNBC.

Tontine will continue to operate its two other funds, Tontine Financial Partners and Tontine-25. The latter has not fared much better than the dead funds walking; according to reports, it is down more than 50% on the year. The former has actually done much worse, reportedly down more than 80%.