Silicon Investor (SI) -- The First Internet Community

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.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (198583)	10/18/2002 3:12:46 PM
From: Win-Lose-Draw	Respond to of 436258

that's pretty freaky. stuff like that is only supposed to happen "over there"...

To: Earlie who wrote (198583)	10/18/2002 3:23:11 PM
From: Bill/WA	Read Replies (1) \| Respond to of 436258

Earlie, I hope we don't hear those words, "Suspend investor redemptions". ,coming from the option exchanges!!!! Bill/WA

To: Earlie who wrote (198583)	10/18/2002 3:32:21 PM
From: Bid Buster	Respond to of 436258

I noticed that..kind of like the retail mall limited partnership i inherited <ng>

To: Earlie who wrote (198583)	10/18/2002 3:40:36 PM
From: ild	Read Replies (5) \| Respond to of 436258

Beacon Hill, Amid Steep Losses, Plans to Shutter Hedge Funds Beacon Hill Asset Management LLC, one of the biggest hedge-fund managers in the bond business, has told investors that it suffered losses of more than 50%, or more than $400 million, in just the past few months. Things have gotten so bad that Beacon Hill now is closing down its biggest hedge funds and selling its remaining positions, even as the firm sells off other bond investments in hopes of averting further losses that could threaten the entire firm. Another shock for Beacon Hill's investors: They can't pull their money out of the floundering hedge funds, or even receive updates about how badly the hedge funds are doing, for the next six months. In a letter to investors on Friday, Beacon Hill said it was suspending investor redemptions, a move that is allowed under the terms of the hedge fund's offering documents. The firm also disclosed that some of its losses took place before September, even as investors were told the fund was in positive territory, suggesting that investors may have been misled about how the fund was performing. Last week, Beacon Hill, a $2 billion firm based in Summit, N.J., stunned investors when it told them that the firm's biggest hedge funds, the $600 million Bristol Fund Ltd. and the $140 million Safe Harbor Fund LP, had dropped about 25% in September. The firm attributed the loses to problems in the mortgage-backed bond market after interest rates plunged and Beacon Hill's mortgage-derivative positions tumbled in value. In a letter to investors, Beacon Hill's management said, "we regret to inform you that our review suggests that the losses of the Fund were greater than initially reported." The losses, as of Sept. 30, were 54%, not the 25% as initially reported. "In the current environment, we believe that it is in the best interest of the Fund and investors for the Fund to move toward an orderly liquidation of its portfolio over approximately the next six months and termination of the Fund thereafter," according to the letter to Beacon Hill's investors. A representative of Beacon Hill didn't comment

To: Earlie who wrote (198583)	10/18/2002 4:14:39 PM
From: Bill/WA	Read Replies (1) \| Respond to of 436258

Earlie, A little report from the field. Had lunch with a broker friend (residential, commercial & property management). Sales are on the books for a max 2 weeks only. he's even getting calls on some of his personal properties that are not for sale. People building or buying $300K-$400K 2nd homes on the Hood Canal. However, this has to be tempered by the demographics of my area which is the east side of the Olympic Peninsula, a mixture of; bedroom community for Seattle, Navy shipyard workers, Naval personal, benign services, and low income (whew!). As Ben Henwood said (he's on the mainland), anyone who moves here and has to work in the city would be better off living over here and taking the ferries to the city avoiding the traffic and having to live far out and deal with the traffic. I'm finding that the low to middle income area strip malls are slowly loosing tenets but the high income area business areas (Bainbridge Is.) are doing quite well. I can't help but think that much of the high end stuff is from insiders and "business people in the know" from the city, taking their "coin" and getting ready to "bail". Much like the "big boys" moving all their assets to my old hometown of Palm Bch County, however in that case it was to take advantage of FL's homestead exemptions laws. Small point. I retired my construction company 3 years ago but all of a sudden I'm getting calls from roofing companies, labor companies, etc. looking for work. I often reflect back to my friends up in the Yukon and upper BC, and what they have to do to survive the winter up there. You know, get the yearly moose, make sure they're stocked with firewood and put out the trap lines...knowledge that might come in handy preparing for the nuc. winter here, however, we'd have to substitue bear meat for moose.<G> Bill/WA