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Bear Stearns: now that you mention it, that subprime fund IPO not the best idea right now

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With the near collapse of its Sometime Secured High Fructose Professional Grade Financial Derivative Leveraged Fiscal Prudence Nomenclatural Triumph Fund (and sidekick – Crappy Subprime Fund II), Bear Stearns will not be engaging in an IPO of a riskier high yield slug of the aforementioned funds’ former securities.
The resulting fund, more elegantly named Everquest, had established a $200mm credit line from Citi and was ready to go public, having filed a preliminary S-1 on May 9.
How aligned is Everquest and Bear’s nearly failed funds? Very, according to the Everquest IPO filing. The two Bear subprime funds searching for a salvaging strategy owned 67% of Everquest’s ordinary shares at the end of last year, and certain transactions involving Everquest's managers must be approved by "disinterested" directors on the company's board, MarketWatch reports.
Bear Stearns to cancel Everquest IPO [Financial Times]
Everquest IPO tied to troubled Bear hedge fund [MarketWatch]