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To: Broken_Clock who wrote (337844)	7/3/2007 12:54:48 PM
From: Giordano Bruno	Respond to of 436258

United Capital has stopped trading synthetic markets bloomberg.com

To: Broken_Clock who wrote (337844)	7/3/2007 1:22:08 PM
From: Giordano Bruno	Respond to of 436258

It can't happen here. - Frank Zappa United Capital suspends redemptions on Horizon hedge funds By Alistair Barr Last Update: 1:04 PM ET Jul 3, 2007 SAN FRANCISCO (MarketWatch) -- United Capital Markets, a leading broker in the asset-backed securities market, said on Tuesday that it suspended investor redemptions on four of its Horizon hedge funds after suffering losses. United Capital said the redemption halts for the Horizon Fund L.P., Horizon ABS Fund L.P., Horizon ABS Fund Ltd. and Horizon ABS Master Fund Ltd. funds are temporary and it does not plan to liquidate them. Credit spreads have widened dramatically across asset-backed securities, mortgage-backed securities and collateralized debt obligations as news broke about significant losses in a large hedge fund focused on the space, United Capital explained. The Horizon funds have cut their leverage and sold "a large amount" of cash securities in the market. United Capital said it has also stopped trading in the synthetic structured finance markets completely because they are "highly volatile." The Horizon funds had $145 million in cash as of July 3 and United Capital is working to satisfy redemption requests quickly. Trading losses and market repricing will leave the funds down in June and for the year, United Capital added.