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.

Strategies & Market Trends : Hedge Funds -- Ignore unavailable to you. Want to Upgrade?

To: Vol who wrote (61)	4/11/1999 9:22:00 PM
From: Marty Rubin	Respond to of 120

"LTCM hedge fund threatened with eviction-Newsweek" Sunday April 11, 5:14 pm Eastern Time LTCM hedge fund threatened with eviction-Newsweek NEW YORK, April 11 (Reuters) - Long Term Capital Management (LTCM), the huge hedge fund whose near collapse threatened the stability of global markets last year, is being threatened with eviction by its landlord in a dispute over some $3 million in rent, according to the weekly newsmagazine Newsweek. The management firm behind the fund, whose demise was avoided with billions of dollars in bail-out money from a group of major U.S. banks, has not paid its $1.5 million in annual rent since it moved into its Greenwich, Conn., offices in 1997, according to the magazine's latest issue to hit newsstands on Monday. The firm, which received its eviction notice last week, said it refused to pay the rent because the landlord had not fixed a water leak in the basement, the magazine said. ''If they'd fix the building we'd start paying rent,'' it quoted a spokesman for the management firm as saying. In a legal twist, the firm was also trying to throw out its landlord, whose building, the Osprey House in downtown Greenwich, has been in bankruptcy since 1995, it said. The firm became the mortgage holder for the building after buying the mortgage to get the necessary approvals to move into the building, it said. ''LTCM now wants the bankruptcy court to oust the landlord, Musallam A. Musallam, who resides in Saudi Arabia, in a plan that would give it the building at a bargain price,'' the magazine said. The landlord's lawyer, David Rosner, said the fund's management firm was actually preventing Musallam from repairing the supposed leak in order to force his ouster, it said. No immediate comment was available from the New York law firm that has represented the fund in the past. A hedge fund is an investment vehicle that uses mostly borrowed money and invests on behalf of wealthy clients. biz.yahoo.com

To: Vol who wrote (61)	4/11/1999 9:27:00 PM
From: Marty Rubin	Read Replies (1) \| Respond to of 120

vol, (please double-check with what i say here.) you need up to 500 investors (max, was raised from 99) with $5M in asset (each) that will invest at least $1M each. you get a salary plus 20% of gains. it's not an easy job, that's for sure. sometimes they are all suffering at the same time for betting most of their assets on one currency (long/short). because in many cases they borrow much more than what they own ("capital"), any move has a major impact on the fund's value. good luck. let me know if you need to know more. sure you can start your hedge fund --if you can find that money. there're many small ones you can work for but in many cases they are very secretive and it's hard to get their phone number + address. be well, marty