Bear Stearns Hedge Funds now virtually worthless investors are now told

by admin, July 18th, 2007 | No Comments

Bear Stearns Hedge Funds virtually worthless, investors are told.
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Several weeks after the meltdown of two prominent Bear Stearns Cos. hedge funds that gambled unsuccessfully on the market for secondary mortgages, Bear Stearns has told the funds shareholders that the portfolios’ assets are almost nil , according to sources familiar with the matter .

The assets in Bear’s more-levered fund, the High-Grade Structured Credit Strategies Enhanced Leverage Fund, are worth virtually nothing , according to people familiar with the matter. . The other fund, the larger one of the two have seen its net worth slashed by almost 91 percent and is now widely regarded to be heading for the same result as the first one. The April valuations were not immediately available, but in March, before the collapse, the enhanced leverage fund had 638 million dollars in investor money , while the other fund had 925 million .

Stories have been circulating about these funds since late last Month when Bear Stearns was forced to go public over the state of these two funds.Late last month , The brokerage helped stabilize the less-levered fund with a $1.6 billion secured loan; this fund then began trying to unwind its remaining $1.1 billion in debt.

The brokerage disclosed this information to shareholders and partners earlier today and is expected to make a statement this evening, these people said. A spokeswoman for the brokerage did not return calls for opinion.

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Och Ziff In Massive IPO Plans

by admin, July 2nd, 2007 | No Comments

In one of the largest financial exercise of its kind, Och-Ziff Capital Management Group at last revealed their plans for an IPO

Och-Ziff Capital Management Group LLC on Monday filed an initial public offering with the Securities and Exchange Commission to sell up to $2 billion in Class A shares.

Och-Ziff, of New York, is an institutional alternative asset-management firm and one of the largest of its kind with approximately $26.8 billion of assets under management for over 700 fund investors as of April 30. Details about the number of shares offered and estimated price range for the IPO weren’t disclosed in the filing.

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Och-Ziff was listed as the seventh-largest U.S. hedge fund management firm, according to trade publication Absolute Return.

Och-Ziff said it plans to use net proceeds from the IPO to acquire interests in its business from its existing owners, including members of senior management. Its existing partners will reinvest all of their after-tax proceeds in the company’s funds, the filing said.

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