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Blackstone To Bear's Rescue?

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Not sure if this had been made clear earlier but things aren’t looking so good over at the Bear Stearns High Grade Structured Credit Strategies Enhanced Leveraged Fund and not just because it’s awkward to fit all those characters on a letterhead when sending notes to investors saying “We’ve lost some money. Our b.” There is, however, a vague glimmer of hope. Yesterday Merrill Lynch was two seconds away from auctioning off $400 in fund assets but agree to delay the sale to hear a rescue mission drawn up by Blackstone, designed, presumably, to avoid the fund’s collapse through a combination of cash and a fatwa on margin calls.
We all know The Schwarz has magic hands (and spirit fingers), but if his plan turns out to be a bunch of notes written on a cocktail napkin last night, Wall Street bond executives worry “we are going to see billions of dollars worth of losses across hedge funds and dealers.” One hedge fund manager apparently shopping his screenplay about love and loss in the world of subprime offered: “The world [will] become very different, very fast for a lot of people."
Blackstone is Bear Fund's Last Hope [NYP]