October 03, 2006
Amaranth Tries To Stem Bleeding
Amaranth Advisors has suspended redemptions in order to sell off its remaining assets after losses at its two main hedge funds continued last week. Redemption requests scheduled for the end of September and the end of October will not be honored, preventing investors from withdrawing any money for at least another month. Iht.com reports:
"Our current intention is to dispose of the remaining positions in the funds' portfolios in an orderly fashion over time, seeking to maximize sale proceeds and to make periodic cash distributions to investors on a pro rata basis," Amaranth's founder, Nicholas Maounis, wrote in the letter, sent late Friday.
Read more: Fund that lost $6.5 billion tries to stop bleeding
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