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Realistbear

Mega Lawsuits Against London Hedge Funds To Begin

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http://www.telegraph.co.uk/money/main.jhtm...6/cnpens126.xml

Pension funds demand money back
By Helen Power, Sunday Telegraph
Last Updated: 12:49am BST 26/08/2007
Pension fund trustees are planning legal action against several London hedge funds in a desperate bid to salvage investments threatened by the recent credit crunch.
Hedge funds lose you more money than the FTSE100: click to enlarge
Investors in one London-based hedge fund last week asked lawyers to prepare an injunction against the fund, which has been selling off assets because it cannot borrow any more money....../
The firm sent a memo to its clients last week saying that out of 9,000 hedge funds worldwide, at least 2,000 were vulnerable to "runs on the bank", where investors fight to get their money out of struggling funds, forcing them into a downward spiral and ultimately insolvency.
Two prominent British funds hit the buffers last week after the commercial paper market seized up.
This market acts like a corporate IOU system, allowing some specialist hedge funds to borrow money through so-called structured investment vehicles or SIVs.
But following the credit crunch, no one wants to lend money - because they don't have it to spare or are worried that they won't get it back.

:o

Edited by Realistbear

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Busy uncovering honey today RB? Yum.

Indeed! I have this feeling that this coming week is going to be a real old Teddy Bear's picnic. The Sunday papers are dripping with the sweet stuff and undoubtedly being taken to heart by a good few investors and would-be home buyers. And just think, the "bad" news is only just getting started with months and months of it ahead. Sad for many but at least the bears can live with a clear conscience as having issued enough warnings all of which were ignored with the following types of response:

1. It won't happen here.

2. Its different this time.

3. Gordon promised a boom not a bust.

4. There is no evidence of house prices falling.

5. There is too much demand for the market to go down.

6. Gordon's immigration policies will make sure there is a constant housing shortage and HPI.

7. The US market is different and we don't have a subprime problem.

8. There is no evidence that US prices are actually going down.

9. BTL is here to stay as they are in it for the long term capital appreciation and can afford negative cash-flow.

10. Crash, what crash?

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