Investors are waxing pretty nostalgic for the days of the plan to be paid back 10% of what they're owed.
Platinum Partners’ flagship hedge fund, which faces a federal fraud investigation, filed for bankruptcy protection Tuesday. The filing in U.S. Bankruptcy Court in Manhattan notes that Platinum “is experiencing severe and substantial liquidity problems that threaten to result in the devaluation of the funds’ assets.” ... Platinum recorded one of the most impressive performance records in the hedge-fund world until this summer, when it announced it would liquidate. It said at the time it had $1.25 billion under management. It hasn’t yet handed back the money.