tag:blogger.com,1999:blog-8929407.post115937039762835760..comments2023-11-03T13:28:26.591+00:00Comments on Antonuco - Porque um homem deve ter estilo e convicções!.: Ainda e sobre os Hedge Funds, muito na berra...paulo alexandrehttp://www.blogger.com/profile/14098373353613402400noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8929407.post-1159656939486437042006-09-30T23:55:00.000+01:002006-09-30T23:55:00.000+01:00in FT« Amaranth outlines its liquidation plansBy ...in FT<BR/><BR/>« <I> Amaranth outlines its liquidation plans<BR/><BR/>By Ben White in New York<BR/><BR/>Published: September 27 2006 01:13 | Last updated: September 27 2006 01:13<BR/><BR/>Amaranth, the troubled hedge fund group, has told investors in private meetings that it would either liquidate its remaining assets or sell itself to a larger institution, people close to the matter said.<BR/><BR/>Amaranth, which lost $6bn on bad natural gas bets, has also told investors that Brian Hunter, who executed the trades, was no longer with the group and had not been given any termination payment. A spokesman for Amaranth declined to comment.<BR/><BR/>The fund group has also said it would try and return money as equitably as possible to all investors, regardless of different lock-up agreements. Hedge fund investors often agree not to pull money out for a significant period after first injecting funds. <BR/><BR/>The comments to investors come after Nick Maounis, Amaranth’s founder, said last week that his group would remain in business, although it would no longer engage in energy trades. <BR/><BR/>He did not say at the time if he meant Amaranth would continue to operate independently oras part of a larger entity.<BR/><BR/>Investors have said they believed it was unlikely that Amaranth would be able to continue as an independent operation. It faces multiple regulatory probes, possible lawsuits and the likelihood of most of its investors demanding their money back.<BR/><BR/>The Securities and Exchange Commission is probing whether Amaranth misled investors regarding its risk management and trading policies. The Commodity Futures Trading Commission is also examining Amaranth’s natural gas trades.<BR/><BR/>Amaranth sold its energy trades last week at a steep discount to JPMorgan Chase and Citadel, the hedge fund group. Amaranth has also held talks to sell at least a stake in its remaining assets to Citigroup.<BR/><BR/>In conversations with investors, Amaranth has said it was hoping to conclude a sale within the next two weeks. Amaranth began holding meetings this week after acknowledging that it had received a “substantial” number of redemption requests.<BR/><BR/>Fund executives have been attempting to explain exactly how they lost so much so fast. Amaranth has said bad bets on the difference between the price of natural gas contracts for the winter months of 2007 and the summer months of 2006 cost about $1bn and that overall bets on natural gas cost $2.5bn.<BR/><BR/>Further losses were accrued selling natural gas and other positions at a discount to meet margin calls. <BR/><BR/>Additional reporting by Anuj Gangahar. </I> »Anonymousnoreply@blogger.com