Gold Price Monitor Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.88

+0.9%

4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Ahda who wrote (21521)	10/13/1998 2:22:00 PM
From: Alex	Read Replies (1) of 116762

US PRESS: US HEDGE FUND UNLOADS MORTGAGE-BACKED SECURITIES LONDON (MktNews) - Another U.S. hedge fund seems to be in financial trouble, the New York Times reported Tuesday. Ellington Capital Management of Old Greenwich, Conn., has unloaded "hundreds of millions of dollars" in mortgage-related securities in the last few days, according to the report. The paper said the firm appears to have been forced to liquidate many of the holdings in its hedge funds in response to margin calls from its lenders. It is said to be developing a plan with some of its lenders that would allow it to remain in business. According to the report, the firm confirmed it had been selling many of its holdings but it declined to comment specifically on the events of the last few days. A spokesman for the firm was quoted as saying the firm was "involved in a concentrated effort to respond to liquidity constraints in the mortgage-backed securities markets." The firm "conducted an orderly sale of certain of its holdings that will produce proceeds far in excess of dealer-financing claims on those securities when cleared," the spokesman was quoted as saying. 07:10 EDT 10/13 © 1998 Market News Service, Inc. economeister.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next