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Big Bank Subprime Pow-Wow Ralph Cioffi's Hedge Fund Fights To Avoid Final Meltdown

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Merrill has postponed the auction of $400mm in assets it seized from the High-Grade Structured Credit Strategies Enhanced Leverage Fund at Bear Stearns, Charlie Gasparino of CNBC is reporting. Merrill and other major lenders to the fund, including Citi and JPMorgan, are in a feel-good asset management "pow-wow" with Bear this afternoon. The fund is expected to make its case that it has a plan to recover from it recent catastrophe in the subprime market.
An announcement on what will really happen to the fund assets is expected later today or tomorrow.
Merrill Lynch Switches Gears []