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Wednesday, October 1, 2008

10/09/08 Pursuit Capital In Greenwich Is Allowing Investors To Cash Out


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International Herald Tribune




LONDON: Two weeks after the bankruptcy by Lehman Brothers, hedge fund clients are still struggling to retrieve assets held by the firm.


According to bankruptcy filings, large hedge funds like GLG, Harbinger, Amber Capital and Elliott Associates still have varying degrees of exposure to Lehman Brothers - with many of the assets held at Lehman's prime brokerage unit in London.


Many hedge fund investors will have negative returns this year. The near-certain prospect of having to take additional write-downs from unrecoverable assets at Lehman Brothers brings an extra level of concern that could lead to more rapid redemptions. That would add to a broader sense of unease in an industry facing regulatory pressures and greater scrutiny....


... Pursuit Capital, a small fund that is based in Greenwich, Connecticut, and specializes in bonds supported by mortgages and aircraft leases, is also listed as a creditor of Lehman, according to court filings. The fund this year had to bar investors from redeeming assets. An executive at Pursuit did not respond to an e-mail message seeking more information on Pursuit's Lehman exposure. ...

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