Raj Rajaratnam maintains allegations are baseless. In related news, who wants to buy a hedge fund?
From the Journal:
Wrote Mr. Rajaratnam, "I have decided that it is now in the best interest of our investors and employees to conduct an orderly wind down of Galleon's funds while we explore various alternatives for our business."
According to a person familiar with Galleon, one of those alternatives is selling Galleon to another firm. The person said that some parties have expressed interest in buying Galleon.
The person familiar said that Galleon's redemption process will remain unchanged. Investors will not get their money back until Jan. 1, 2010, unless there's government intervention.