Can it be? Could they pull it out of the fire?
Fortress blocked redemptions from its flagship Drawbridge Global Macro Fund in December, telling investors at the time that they would get 72% of their requested withdrawals by April. But on Jan. 22, the New York firm moved up the timetable, promising investors they would get the 72% back this month, subject to a 10% hold-back pending a final audit. The remaining 28% of assets that the investors sought to redeem — representing illiquid investments — has been put into a side pocket to be paid out over 18 months.
Fortress, Tudor and Threadneedle Permit Redemptions Again [Hedge Fund Alert via Zerohedge]
Have fun storming 72% of the castle.
Have fun storming 72% of the castle.
This is not a double post, I just like the sound of my own voice.
FIG is a strong buy.
The side pocket sounds more like a suppository.
Maginot was 72% effective.