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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Paul Kern who wrote (82815)6/18/2007 11:28:45 AM
From: Paul Kern  Read Replies (1) of 110194
 
Merrill Delays Sale Of Bear Stearns Hedge-Fund Assets - CNBC
Last update: 6/18/2007 11:25:18 AM

NEW YORK (Dow Jones)--Merrill Lynch & Co. (MER) has postponed the sale of about $400 million in assets that it seized from an internal hedge fund at Bear Stearns Cos. (BSC) until it hears a recapitalization plan from the investment banker, CNBC's Charlie Gasparino said.

Merrill Lynch could hear Bear Stearns' plan as early as Monday or Tuesday, Gasparino said. Gasparino didn't cite his source.

Merrill Lynch, one of the fund's largest lenders, seized the assets last week over concern the fund wouldn't be able to meet a margin call, The Wall Street Journal reported this weekend.

The Bear Stearns fund has different bets on the health of subprime mortgages, both positive and negative, but has been hurt particularly by a negative bet after a rebound on a key index that tracks the sector.

An intended auction of the fund's assets could happen this week and would likely mean the dissolution of the fund, The Journal said.

-Christopher Hinton, Dow Jones Newswires; 201-938-5285; christopher.hinton@dowjones.com
(END) Dow Jones Newswires
June 18, 2007 11:25 ET (15:25 GMT)
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