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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Haim R. Branisteanu who wrote (93984)	5/3/2008 12:27:15 PM
From: Giordano Bruno	Read Replies (1) of 110194

This one's especially juicy -g- Citigroup Evaluates Options for Old Lane Fund After Investors Pull Money By Trista Kelley May 3 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, said virtually all investors in its Old Lane hedge fund will withdraw their money. The investors will be allowed to exit the fund as of July 31, the New York-based bank said in a regulatory filing to the Securities and Exchange Commission yesterday. The Wall Street Journal reported today that the clients will pull about $3 billion from Old Lane, citing unidentified people familiar with the fund. ``In April 2008, substantially all unaffiliated investors had notified Old Lane of their intention to redeem their investments,'' Citigroup said. The bank is ``evaluating alternatives for the restructuring of Old Lane.'' Citigroup agreed in April 2007 to pay about $800 million for Old Lane, whose co-founder Vikram Pandit became Citigroup's chief executive officer in December. Citigroup's alternative- investments unit posted a loss in the first quarter, taking a $202 million pretax writedown on Old Lane, the bank said last month.

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