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To: abuelita who wrote (10407)	4/1/2000 10:28:00 PM
From: Dealer	Respond to of 35685

This ain't no April Fool Joke!!!!!!!! Friday March 31, 2:24 pm Eastern Time Tiger fund has no comment on palladium holdings NEW YORK, March 31 (Reuters) - Tiger Management LLC, the giant hedge fund company which is shutting down on Friday, declined to comment on market talk linking its closure to a plunge in palladium, in which the fund once had a huge investment. ``Tiger doesn't comment on its positions and activities in the market,' Tiger spokesman Fraser Seitel told Reuters on Friday. Worries about fund liquidation on Friday shoved New York palladium futures to two-month lows in the benchmark June contract at $555 an ounce, before losses were trimmed a bit. The move in palladium below $600 an ounce since Thursday roughly coincided with confirmation that Tiger will close all six of its hedge funds, pools of high-risk speculative capital, and return the remaining cash to investors. Traders said that Tiger, known mostly for its stock market and currency plays, was once involved with base metals but had exited positions in copper and aluminum in recent years. Investors familiar with the company's market activities said Tiger has significantly reduced its vast palladium position, which in 1997 was believed to be from one million to three million ounces. As recently as the middle of last year, the firm was thought to hold about one million ounces, or about 13 percent of the world's mine supply of palladium. Most of the reduction since then was thought to have occured when palladium started rallying to record highs over $800 an ounce last month, amid panicky industrial demand and a lack of supply from top-producer Russia. Some analysts and traders speculated that Tiger may have sold some its hoard in off-market transactions to car makers, the main consumers, who use the metal in anti-pollution devices. ``Whether it has any left, I don't know. But it certainly is true the position has been wound down substantially,' said one investor source. Tiger Chief Executive Julian Robertson, who personally owns about $1.5 billion of the firm's remaining $6.5 billion in assets, said Thursday that he had already sold off most of the fund's holdings. The firm will retain equity investments in U.S. Airways(NYSE:U - news), trucking company Extra (NYSE:XTR - news), computerized lottery provider GTECH Holdings Corp (NYSE:GTK - news), United Asset Management (NYSE:UAM - news) and Australian company Normandy Mining(Australia:NDY.AX - news). Once claiming a whopping $22 billion in assets, Tiger decided to conclude an 18-month streak of redemptions and losses related mostly to its investments in old economy ``value' stocks.