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    Hedge fund files for bankruptcy

    Hedge fund files for bankruptcy

    Credit market upheaval claims Australian hedge fund

    Author Date published August 30, 2007 Categories

    Basis Yield
    Alpha Fund,     a £50m hedge fund, has filed for
    Chapter 11 Bankruptcy
    protection after being hit by rising mortgage defaults.

    According to reports, as the situation in the US sub-prime market spread, the
    value of its underlying investments fell and it was unable to meet calls from
    its creditors to pay back loans.

    As a result the fund was served with default notices.

    Creditors include JP Morgan
    Chase    , Goldman Sachs and Citigroup Global Markets.

    The Cayman Islands-registered fund is a division of Australia’s Basis
    Capital.

    Further reading:

    US venture capitalists worry over tax threat

    Bank defended over derivatives mess

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