Sunk: Basis Capital Fund Management Ltd Files for Bankruptcy
Published August 29th, 2007 in Banks. Tags: bankruptcy, hedge fund, implodeometer, subprime.Australian hedge fund Basis Capital Fund Management Ltd filed for bankruptcy protection after indicated losses due to subprime problems could be over 80 percent. With nearly $1 billion in assets in May, one has to wonder what kind of hedge they were playing. Sounds like their hedging was more like going all-in in Texas Hold ‘Em - hand, after hand, after hand.
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