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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (57471)	3/12/2008 2:25:36 PM
From: Rocket Red	Respond to of 78433

March 12 (Bloomberg) -- Drake Management LLC, the New York- based-firm started by former BlackRock Inc. money managers, may shut its largest hedge fund, while GO Capital Asset Management BV blocked clients from withdrawing cash from one of its funds. Drake told investors today that it would either liquidate its $3 billion Global Opportunities fund, continue to restrict redemptions or allow clients to shift assets to a new fund. Separately, Amsterdam-based GO Capital prevented customers from taking money out of its $880 million Global Opportunities Fund, saying in a March 11 letter that ``current market circumstances don't allow the fund to sell investments at a reasonable price.'' At least a dozen hedge funds have closed, sold assets or sought fresh capital in the past month as banks and securities firms tightened lending standards. The industry is reeling from its worst crisis because bankers -- staggered by almost $190 billion of asset writedowns and credit losses caused by the collapse of the subprime-mortgage market -- are raising borrowing rates and demanding extra collateral for loans. ``It would seem more probable that the market disruptions we have experienced will not abate in the short term, but will instead continue for some time,'' Drake wrote today in an 11-page letter to investors.