Posted by guest , Nov 06, 2008 5:08PM

You know they're fucked when when start talking about "vehicles".

Posted by guest , Nov 06, 2008 5:08PM

You know they're fucked when they start talking about "vehicles".

Posted by guest , Nov 06, 2008 5:09PM

What is their YTD performance?

Posted by guest , Nov 06, 2008 5:09PM

I would go with the new SP to the V~ holla

Posted by guest , Nov 06, 2008 5:13PM

Yes and soonth elitigation against hedge funds will start rolling in. Disclosure doesn't always keep you off the hook these days!

Posted by guest , Nov 06, 2008 5:14PM

Fuck the big 3

Bail out hedge funds

Posted by guest , Nov 06, 2008 5:15PM

I miss the old days of Milberg Weiss shakedowns

Posted by guest , Nov 06, 2008 5:24PM

Obama will probably bail out Ken Griffin, his hedge fund buddy.

Posted by guest , Nov 06, 2008 5:31PM

don't have exact nubmers, but i hear they did pretty well this year. that investor needs to grow a sack.

Posted by guest , Nov 06, 2008 5:33PM

They were barely down.

Posted by guest , Nov 06, 2008 5:36PM

@10- him and apparently all the others who requested up to $1.6 back.

Posted by guest , Nov 06, 2008 5:40PM

I hear they were only down like 3%

Posted by guest , Nov 06, 2008 5:40PM

I hear they were only down ~4%

Posted by guest , Nov 06, 2008 5:50PM

"...but that shit has been put on ice, fuck sticks."

Bess, you rock!

Posted by guest , Nov 06, 2008 5:50PM

Re: Myron Scholes & Platinum Grove, here's a fun new thesis topic: correlation between nobel laureates (one in particular) and "blowing up"

Posted by guest , Nov 06, 2008 6:17PM

i get aroused when bess writes about "fuck sticks"

Posted by guest , Nov 06, 2008 7:19PM

This week alone there about 5-8 hedge funds who have halted redemptions.

Question: Does anyone know what the legal consequences are of these redemption halts?

Obviously, they may be different from fund to fund but generally can these funds keep your money if you have asked for it back? And can the just keep investing your money? Can the keep collecting fee's for not returning your money?

Posted by guest , Nov 06, 2008 10:23PM

Hedge Funds = Fee Whores

Posted by guest , Nov 06, 2008 10:23PM

Hedge Funds = Fee Whores

Posted by guest , Nov 07, 2008 10:48AM

Offering Memorandum (legal contract between the fund and the investors) are written to let the managers do what they want.

Examples:
"at any time, and depending on market conditions, the Board of Directors can suspend partially or all of redemptions"

The fact that they continue to receive management fees (no longer performance fees as they are all down for the year)is somewhat dishonest, after all the money they have been collecting for the last few years... such as Banks' executives!

Posted by guest , Nov 07, 2008 1:09PM

@14 you are correct, these guys were only down about 5%, a heroic #, esp vs other hfs down 20+ and the market down 30+. they are good investors, but all clients everywhere are running to liquidate everything, even those that investments outperformed the market by 30%. when you a generally less liquid portfolio, and there is a total run on the bank, you can either 1) sell it all and get everyone's faces ripped off on the marks, or, 2) suspend redemptions and liquidate in an orderly fashion, which is what they are doing. a poor result for all, but just shows what an environment of panic can do to even the most rational investors

btw, most of the postings i read on db are from people who clearly don't know their head from their ass.

Posted by guest , Nov 07, 2008 1:12PM

@14 you are correct, these guys were only down about 5%, a heroic #, esp vs other hfs down 20+ and the market down 30+. they are good investors, but all clients everywhere are running to liquidate everything, even those investments that outperformed the market by 30%. when you a generally less liquid portfolio, and there is a total run on the bank, you can either 1) sell it all and get everyone's faces ripped off on the marks, or, 2) suspend redemptions and liquidate in an orderly fashion, which is what they are doing. a poor result for all, but just shows what an environment of panic can do to even the most rational investors

btw, most of the postings i read on db are from people who clearly don't know their head from their ass.

Posted by guest , Nov 07, 2008 4:18PM

this is a pretty good fund. they have the right to suspend redemptions (as do almost all such funds). there are oftentimes investors who are uninformed and pissed off when things don't go their way (straight up). That investor looking into legal remedies has probably already been advised to suck it up.

Posted by guest , Nov 08, 2008 1:59PM

if i gave you $100 to invest and you told me it's worth 95 dollars now but I can't get it back, how do I trust that there is 95 dollars there?

Posted by guest , Nov 10, 2008 5:00PM

@22, wrong, down 5% is weak. One of the jobs of a hedge fund is to hedge. I love how people attribute what are obviously lucky returns to the manager, but shyte returns to the market.

Posted by guest , Nov 10, 2008 9:26PM

YTD returns are more like -10% to -15%. Not to mention, most of their portfolio is private so they make their own marks. Returns are probably closer to -20% adjusted for bs marks. Think investors probably factored that in.

Posted by guest , Nov 13, 2008 9:21PM

Marc sole is hot!

Posted by guest , Jan 12, 2009 8:11PM

Odd...that nobody has made the connection between Plainfield and that fellow Bernie..
Uh lets see. Plainfield owns a big slug of bank in Greenwich CT..its actually called the Bank of Greenwich... (as well as having stakes in a few casino businesses..) But, what a coinkydinky that the fellow that started the bank is a fellow whose name is Noel, not Walter Noel, but Noel Levine. Mr. Levine, is a bank roller-upper..he's got a few of them in CT.. Anyway, Mr. Levine is also partners with guess who?? That's right sports fans, Noel Levine also operates a "real estate investment firm" with offices where? Right next to Sonny Cohn's Cohmad on the 17th floor of the Lipstick building? Yep. And how odd, that Mr. Levine's suite # and phone # is exactly the same as Bernie's.. Mmmm.. So tell me why Plainfield put a freeze on redemptions when? In early November?? This is the fund that was "knocking the ball out of the park" with nice and consistent returns, right? Gee whiz, all sounds so sinister doesn't it? And yes, Bank of Greenwich Board Member Richard Sontag, who helped found the bank with Mr. Levine, passed away this weekend. Dead men tell no lies.
And live ones, like Bernie are telling less, see more at www.bernard-madoff-scam.blogspot.com