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To: Jim Willie CB who wrote (34103)	7/6/1999 7:42:00 PM
From: marginmike	Read Replies (2) \| Respond to of 152472

I have July calls so thats why I am edgy when to exercise.

To: Jim Willie CB who wrote (34103)	7/6/1999 7:52:00 PM
From: Ruffian	Respond to of 152472

<OT> Long Term Capital> Top Financial News Tue, 06 Jul 1999, 7:47pm EDT Long-Term Capital to Return US$1.3 Billion to Bank Rescuers and Investors By Monique Wise Long-Term Capital Returns $1.3 Billion to Investors (Update2) (Updates with more on Meriwether's talks in 7th paragraph.) Greenwich, Connecticut, July 6 (Bloomberg) -- Long-Term Capital Management LP's rescuers are taking $1 billion back from the hedge fund as its founder, John Meriwether, prepares to raise a new investment fund. The Greenwich, Connecticut-based firm, bailed out by 14 banks and brokerages with a $3.625 billion infusion in September, said it will also return $300 million to original investors. Insiders won't get any of the cash. Long-Term Capital's new owners, including Goldman Sachs Group Inc. and Merrill Lynch & Co., had planned to withdraw some of their money as soon as the investment firm had reduced its risks by selling assets. Meriwether's firm, founded in 1994, wiped out most of its capital with losses in its $125 billion portfolio, bought mostly through borrowing. Since the bailout, the fund has gained 14.1 percent, after management fees. It's up 4.1 percent so far this year. Meriwether and his colleagues gave up 90 percent of the firm's equity to the banks in the rescue. He won permission from them last month to begin marketing a new venture to investors that may do everything from advising on mergers to leverage buyouts to securitizing mortgages. Long-Term Capital's owners gave Meriwether the go-ahead after he had met a target of reducing the fund's leverage and investment volatility to 35 percent of what it had been when the banks took over. Meriwether has been talking with investors on an informal basis about the new fund, said people who know him. He can't actually take in money until he has returned 90 percent, or $3.26 billion, of the cash infused by the rescuers, the people familiar with fund said. Long-Term Capital lost more than $4 billion last year on wrong-way bets, primarily in bonds, before the 14 firms stepped in. They made the investment rather than risk the market tumult that could have ensued had Long-Term Capital been forced to sell its securities.