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Plainfield Freezes Redemptions

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Plainfield Special Situations Master Fund, a $5 billion credit fund run by Plainfield Asset Management, apparently notified investors on a conference call yesterday that there have been over $1.6 billion in redemptions, and sorry, but that shit has been put on ice, fuck sticks. The firm has supposedly decided to create a Special Purpose Vehicle which will liquidate redeemed assets over a period of years. Investors were given a choice to rescind their redemptions by November 30 or be issued interests in the new SP to the V. One investor, not so pleased with the turn of events, told us that he is "very disappointed" and "looking into legal remedies." Not exactly sure what those would be, but good luck to all.