Saturday, 23 May 2015
Last updated 17 hours ago
Jan 15 2009 | 2:05am ET
GoldenTree Asset Management, facing huge redemption requests, is responding with something of a threat. The New York credit hedge fund is not choosing the well-worn path of a withdrawal limit or suspension, but is instead offering to repay investors in kind.
GoldenTree told investors last month that those withdrawing their investments would receive securities in lieu of cash. The hedge fund invests primarily in credit derivatives, many of which are highly illiquid and would be difficult for investors to sell on the open market.
“Withdrawing partners that do not elect to revoke their withdrawal request will receive their proceeds primarily in kind,” GoldenTree wrote, according to the Financial Times. “It is unlikely that any cash will be distributed.”
“We can provide no assurances that these assets will be saleable and will no longer provide any management oversight or advice regarding such assets,” the letter went on.
The firm saw its hedge fund fall by almost one-third last year, and has received redemption requests totaling between 25% and 30% of what’s left.
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…