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Sowood Funds Lose More Than 50% As Debt Markets Fall

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Sowood Capital Management LP lost 50 percent in July, or about $1.5 billion, the biggest hedge-fund manager to collapse after declines in the corporate bond and loan markets.
The firm will start returning money to investors ``as soon as it can,'' the letter said. Clients agreed when signing up not to withdraw money until late 2008. Sowood said it will hold meetings with clients next week and ``seek to retain key staff to manage the distribution.''

seems like its picking up.

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