David Ganek’s Level Global, one of the three hedge funds raided last fall as part of the Feds’ insider trading case, has received approximately $750 million in redemption requests, according to people familiar with the matter.

In addition to Loch Capital and Diamondback Capital Management, Level Global was raided by the FBI on November 22. Level Global has not been accused of wrongdoing.

It’s not yet known if more investors will redeem from the fund (which currently has around $3.5 billion in assets under management); investors have until February 28 to give the firm notice for the next opportunity to take their money out (March 31). According to several individuals, Level has cut its exposure to the lowest levels since fall 2008, possibly as a defensive move or as a precursor to a full liquidation, should one be necessary.

Level has apparently held discussions with people close to the firm about what would happen in the event they liquidated for the March 31 redemption date. It’s been stressed that “all options are on the table” and, given that they still have no idea what total withdrawal requests will look like, that “no decision has been made.”

Level Global declined to comment for this story.

UPDATE: Hedge Fund Level Global Is Shutting Down

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Comments (56)

  1. Posted by Guest | February 11, 2011 at 12:44 PM

    how about SAC?

  2. Posted by Guest | February 11, 2011 at 12:50 PM

    you’re an idiot.

  3. Posted by guest | February 11, 2011 at 2:37 PM

    There’s gotta be a penis joke in here somewhere.
    – guy who reads DB mostly for the penis jokes

  4. Posted by Sarah Bernett | February 11, 2011 at 2:50 PM

    I’d like my $7.62 back, please.

  5. Posted by Sarah Bernett | February 11, 2011 at 2:50 PM

    I’d like my $7.62 back, please.

  6. Posted by WhackAttack | February 11, 2011 at 3:00 PM

    You could take the “all options are on the table” statement to mean, “we will suck a dick for you to not redeem”.
    -Guy just trying to help

  7. Posted by Doubadam Brigitte | February 11, 2011 at 3:13 PM

    Je connaissais David Ganek mais je ne comprends pas grand chose à l’affaire ; si quelqu’un pouvait me l’expliquer en français, ce serait super pour moi ? Merci d’avance

  8. Posted by Guesty | February 11, 2011 at 3:26 PM

    All options are now off the table, becuase they are trying to sell the said table now.

  9. Posted by Gguest | February 11, 2011 at 3:48 PM

    il va fermer son companie tout de suite (le 31 Mars), meme que Level n’as pas fait mal (en ce moment le SEC a dit qu’ils n’as pas fait qq chose mal). Regardez la nouveux piece que Bess a montre sur Dealbreaker

  10. Posted by Walternoel | February 11, 2011 at 3:53 PM

    Die Level Die!!!!

  11. Posted by Doubadam Brigitte | February 11, 2011 at 4:39 PM

    Thanks Guesty for your information ; I am french and my english is bad now. Unfortunetly I do not really unterstand all what this compagnie did… Est-il ruiné maintenant ?
    I read on the internet that he and his wife Danielle and the kids are living in a very rich appartment in NY.
    En 1973, j’étais la french nounou de David et de sa soeur Tori. Je connais bien la famille mais je n’ai plus de contact. Je suis trop pauvre et eux sont riches. J’ai 62 ans maintenant.
    Merci pour vos informations ultérieures. Je suis localisée à Strasbourg en France près du
    Parlement européen et du Conseil de l’Europe.
    Gguest, si vous souhaitez quelque chose de ma ville, je vous l’envoie. (peut-être une brochure de Strasbourg). Cordialement.

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