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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (289082)6/16/2004 10:00:59 PM
From: Secret_Agent_Man  Read Replies (2) of 436258
 
REUTERS - 4:05pm: Officials from the Southhampton Hedge Fund announced today that its capital had been completely liquidated after incurring heavy losses in commodity trading. It has been reported that the fund managers were behind their peers for the year, and decided to make a leveraged bet on cotton futures in anticipation of damaged crops from flooding. However, the market went against the firm, and Southhampton's equity capital was wiped out in 48 hours after credit lines and margin calls evaporated the company's liquidity.

Edgar J. Wilson, III, the firm's Managing Partner, was found later this afternoon drowned in Central Park, apparently from self inflicted suicide.

In a related note, cotton futures fell 10% the last two days and are now trading at a multi-year low.

nfg
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