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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: ForYourEyesOnly who wrote (3066)	1/16/1999 8:43:00 AM
From: Bill Murphy	Read Replies (1) \| Respond to of 81846

Tom, Dealt with that one in Midas. The dollar has to take a big hit - and soon now after Brazil. Good for our camp. Bill

To: ForYourEyesOnly who wrote (3066)	1/18/1999 8:42:00 PM
From: Bill Murphy	Read Replies (1) \| Respond to of 81846

Tom, This was sent to me by banco at Gold Monitor. Cant wait for tomorrow, regardless of my response. Look at this. I did not realize Goldman Sachs had such a prominent role in Long Term. I should have. More fuel for my Goldman bonfire. Bill Paris, Monday, January 18, 1999 Long-Term Capital Prepares to Seek New Funds -------------------------------------------------------------------------------- Bloomberg News -------------------------------------------------------------------------------- NEW YORK - Partners at Long-Term Capital Management LP, the hedge fund that was taken over by 14 banks after losing more than $4 billion, are meeting with lenders, investors and regulators to explain their losses and pave the way for raising new money, people familiar with the fund said over the weekend. The partners, led by John Meriwether, a former vice chairman of Salomon Inc., have spoken to about 20 institutions in Europe and the United States and will hold similar meetings in Asia. The group, which provided few details of its investment positions when it was profitable, is offering a 40-page presentation that includes details on how it lost money and explains how much it had borrowed to take positions in bond markets worldwide. Mr. Meriwether and his partners also are holding the meetings to help rebuild their reputations for the day when they try to raise money to pay back their rescuers, said an investor who met with the traders last week. The 14 banks, including Goldman Sachs Group LP and Merrill Lynch & Co., bought 90 percent of Long-Term Capital for $3.6 billion in September with the agreement they would keep their money in the fund for no more than three years. Goldman Sachs has spoken with at least two investors, Warren Buffett and Prince Walid ibn Talal of Saudi Arabia, about buying the fund's assets. Partners could ensure their control of the firm by purchasing the right they gave the banks to buy 50 percent of the management company that runs Long-Term Capital for $1, according to the Financial Times, which reported the investor meetings in its Saturday edition. The banks gained that right when they took over the firm in September. Long-Term Capital's partners are also considering starting a new fund, the Financial Times reported, quoting investors who had met with the traders. The investor who met with the Long-Term Capital partners said they had not mentioned plans to raise money, though they made it clear that they hoped to rebuild their business. Long-Term Capital, established in 1994, racked up returns of more than 40 percent in its first two full years of operation. The firm was taken over a little more than a month after Russia's default and devaluation in August, which caused many investors to abandon all but the safest securities and made many of Long-Term Capital's market positions unsustainable. The fund, whose net assets have climbed about 14 percent since the banks took over Sept. 28, is now run by an oversight committee of six of the banks. --------------------------------------------------------------------------------