How are you, loves? All splendid on this end, except…oh, it’s so minor it’s barely even worth mentioning…and you know, to be plainly honest, we wouldn’t, were it not for the press, the bloody, meddlesome press, sticking their chippie asses where they know full well they don’t belong. Right then, what were we saying? Oh, right, while we have you…
FAIRFIELD SENTRY LIMITED
Romasco Place, Wickhams Cay 1
Road Town, Tortola
British Virgin Islands, VG 1110
December 22, 2008
Dear Shareholder,
Suspension of the Calculation of Net Asset Value
Reference is made to the extraordinary events of last week regarding Bernard L. Madoff
Investments Securities LLC (“Madoff”). As you are most likely aware, on December 11,
2008 Bernard Madoff was arrested and charged with securities fraud for operating in
essence a giant Ponzi scheme. It has been alleged that Madoff’s fraud involved a loss in
both cash and securities of possibly US$50 billion.
As you will have read in the press, Fairfield Sentry Limited (the “Company”) was significantly exposed to Madoff. At this point in time the value of the Company’s
investment in Madoff is not certain. There may be residual assets in Madoff to be
distributed or, alternatively, there may be no assets.
With the view to acting in the best interests of the Company and all of its shareholders
and creditors, the Board of Directors of the Company (the “Board”) has suspended the
calculation of net asset value with a corresponding suspension of redemptions and
subscriptions pursuant to Article 11(4) of the Articles of the Association of the Company,
due to the fact that the Board determined (i) that circumstances exist as a result of which
in their opinion it is not reasonably practicable for the Company to dispose of
investments or that any such disposal would be materially prejudicial to shareholders, (ii)
that a breakdown has occurred in the means normally employed in ascertaining the value
of investments of the Company, (iii) that the value of the investments of the Company
cannot reasonably or fairly be ascertained and (iv) that the Company is unable to
repatriate funds required for the purpose of making payments due on redemption of
shares. As such, pursuant to the powers contained in the Articles of Association of the
Company, the Board has suspended the determination of the net asset value. As a result
of such suspension, all subscriptions into and redemptions from the Company have been
suspended. With respect to redemption requests received for the November 30, 2008
dealing date, the payment of these proceeds of redemption have been similarly suspended pursuant to the powers contained in the Articles of Association of the Company.
The Company has retained counsel in the British Virgin Islands and the United States to
represent its interests. These counsel will advise as to what action should be taken to
ensure the Company’s interests in the remaining assets of Madoff are represented, to
ensure an orderly running of the affairs of the Company and to ensure that all
shareholders and creditors are treated equitably and fairly. In this regard and as advised
by counsel, we are not able to respond to requests for information by individual
shareholders at this time. Rather, information will be provided to all shareholders to
ensure that no one shareholder is at an advantage. We note that the manager to the
Company, Fairfield Greenwich (Bermuda) Limited, has waived all fees until further
notice. We will endeavour to keep you advised of developments with respect to the
Company.
Yours faithfully,
The Board of Directors
Reference is made to the fact that we have just destroyed your net worth. We are graciously waiving fees. We have not yet decided on this year’s bonus.
Cheers! Off to the beach for some Kipling, tea, and crumpets under the sun!
Reference is made to this post being of a lengthy nature, therefore I did not read.
What dicks! Not a word of apology or even fake remorse.
“We note that the manager to the Company, Fairfield Greenwich (Bermuda) Limited, has waived all fees until further
notice.”
Wow – these guys have bigger balls than Madoff.
bess, dealbreaker is very disgusting nowadays….
people lost a lot of money and you are still making fun of them….
by the way, i am from china and i believe in Karma, so, it will come back to you in the future.
be careful, karma is huge
Props to #2….well played!
I don’t think those are real Brits. Real Brits would have written, “With the view to acting in the best interests of the Company and all of its shareholders and creditors, the Board of Directors of the Company (the “Board”) HAVE suspended….” not “HAS” suspended.
Of course, they may have something other than the London Times stylebook on their mind these days.
@4- was that supposed to be a joke? karma will come back to bite you in the, ass friend, for being an intard who doesn’t get that bess didn’t rip this people off.
unbelievable.
#4,
Karma is huge in Japan. Its pretty small here.
“Oh, and one other thing. We will back a huge truckload full of dicks up to your mouth. Kindly consume them in their entirety.”
#6,
The board, containing directors and such, *has* suspended.
You obviously didn’t go to Catholic school, where the brothers make suggestive jokes leaning towards homosexuality, and the sisters crack your knuckles with a ruler.
“Yours Faithfully”
LOL! Yeah, right: faithfully.
#10 is real grammar police.
and the worst part is the specification that even those investors who asked for their money before Nov. 30, at least three weeks ago and two weeks before the Madoff story broke, are no less out of luck.
@ 8
Much like your penis.
bravo #9.
#4, how is dealbreaker “disgusting”? they are not making fun but rather pointing out how these investors got completely bent over. good reporting.
Merry Christmas:
http://www.wallstreetoasis.com/forums/the-street-before-christmas-2008
Too bloody limey; didn’t read
@4
Get over yourself
#10,
The point was that “has” is the American usage, not the British.
My Karma is huge.
Fairfields have soiled themselves.
Does not get any better than this:
“We will back a huge truckload full of dicks up to your mouth. Kindly consume them in their entirety.”
Karma is exactly what the Noels are experiencing right now. By pursuing personal publicity with such gluttony on the way up they greased the skids for their own ride down. Poetic, really.
The Buddha is infinitely merciful, but in your particular case, he may make an exception