Sul perchè il rialzo è prematuramente (anche se momentanemente) finito

[roberto]

Lehman's Hedge Fund Clients Face Margin Calls on Frozen Assets


By Tom Cahill
Oct. 15 (Bloomberg) -- Lehman Brothers Holdings Inc.'s
hedge-fund clients may have to pay more collateral on
$65 billion of assets frozen when the investment bank went
bankrupt a month ago.
Lehman's London-based prime brokerage has about 3,500
active clients including hedge funds that own about $45 billion
in securities, Steven Pearson, the partner at
PricewaterhouseCoopers responsible for unraveling the unit, said
in an interview. They hold an additional $20 billion in short
positions, or bets that prices will fall.
While investors are largely unable to access their Lehman
accounts, the value of the securities continues to fluctuate
along with the markets. The clients may be required to put up
more collateral if the value of those securities drops, a
process known as a margin call.
``If your bank fails, you still have to pay your
mortgage,'' Pearson, 43, said in an interview in Lehman's Canary
Wharf office. ``Who is the holder of the risk of the securities?
The hedge funds. If the value of the securities fell, they have
to meet margin calls.''
Lehman's bankruptcy, the world's biggest, has rocked hedge
funds that relied on the firm to provide loans, clear trades and
handle administrative tasks. MKM Longboat Capital Advisors LLP
will shutter its $1.5 billion Multi-Strategy fund in part
because assets are stuck at Lehman. The freeze has contributed
to the $1.9 trillion hedge fund industry's worst year in two
decades, according to Chicago-based Hedge Fund Research Inc.
Managers with assets at Lehman include New York-based firms
Amber Capital LP and Bay Harbour Management LLC, as well as RAB
Capital Plc and GLG Partners Inc., both based in London. Olivant
Ltd., run by ex-UBS AG President Luqman Arnold, said this month
it can't access a 2.78 percent UBS stake it held through Lehman.

`Years to Unravel'

PwC has been sorting through assets to separate those
Lehman held in trust on behalf of clients and those the bank
held as collateral from clients that it could then loan to other
investors, a practice known as rehypothecation.
``The biggest losers will be those who had the most assets
rehypothecated because they're gone,'' said Pearson. ``Asset
that have been rehypothecated rank together with all creditors
as to when they will get money back.''
Clients with ``trust claims'' will be returned in ``due
course,'' said Pearson. PwC won't return those assets until the
firm is satisfied no other clients have a claim on them, he
added.
``It's going to be many months and maybe beyond many
months,'' he said. It could take years to unravel.''

Limbo

Hedge funds have been urging PwC to work faster. Arpad
``Arki'' Busson, who runs $14 billion in hedge-fund investments
as chairman of EIM SA, called on PwC last week to work ``around
the clock'' to unlock assets.
Until then, clients are stuck in limbo.
``Every second that they waste hurts,'' said Edward Chin,
who runs Pride Revelation Fund, one of dozens of hedge funds in
Hong Kong that used Lehman as their sole prime broker. ``We're
looking at many hedge funds that will have to shut down, but
they can't even shut down because they don't know what they have
left. The thing is I cannot now even liquidate the fund.''
PwC has told some clients they can get their securities
back early provided they agree to return them at a later date if
other creditors have claims on the same assets.

Guarding the `Trough'

PwC won court approval last week for its plan to prioritize
claims, and won't gain anything by adding to the team sorting
out the accounts, Pearson said.
``Throwing more bodies at this doesn't solve the problem,''
said Pearson, who said he has a team of ``some dozens,''
including Lehman staff, sorting through the prime-brokerage
assets, and 141,000 failed trades.
``It shouldn't be he who shouts loudest,'' said Pearson.
``The purpose of the moratorium is to give this process order,
otherwise it's first to the trough. We're a gatekeeper with a
mission to keep this orderly.''
Pearson, one of the administrators for Enron Corp.'s U.K.
bankruptcy, said the payout in that case rose to between 30
cents and 40 cents on the dollar from initial projections of a
fraction of a cent by patiently selling assets. Enron assets
that finally sold for 700 million pounds initially had bids of
20 million pounds, he said.
``If you play the long game you can unlock value, and we
can play the long game,'' said Pearson. ``If you hold a fire
sale you get fire-sale prices. You don't want to be selling
assets in a falling market.''

[gbykat]

.....non c era in tedesco?......

[bannavio]

Originalmente inviato da gbykat

.....non c era in tedesco?......

per me era uguale anche in aramaico

[roberto]

http://translate.google.it/translate...hl=it&ie=UTF-8

ma chi han messo quelli di gg a tradurre ? un albananese ?

[luigi712]

Originalmente inviato da roberto

http://translate.google.it/translate...hl=it&ie=UTF-8

ma chi han messo quelli di gg a tradurre ? un albananese ?

grazie faro italiano sul lago

[giannigas]

Originalmente inviato da roberto

http://translate.google.it/translate...hl=it&ie=UTF-8

ma chi han messo quelli di gg a tradurre ? un albananese ?

No, sono io! Perchè hai qualcosa da ridire?

[sandcreek]

Originalmente inviato da roberto

Lehman's Hedge Fund Clients Face Margin Calls on Frozen Assets


By Tom Cahill
Oct. 15 (Bloomberg) -- Lehman Brothers Holdings Inc.'s
hedge-fund clients may have to pay more collateral on
$65 billion of assets frozen when the investment bank went
bankrupt a month ago.
Lehman's London-based prime brokerage has about 3,500
active clients including hedge funds that own about $45 billion
in securities, Steven Pearson, the partner at
PricewaterhouseCoopers responsible for unraveling the unit, said
in an interview. They hold an additional $20 billion in short
positions, or bets that prices will fall.
While investors are largely unable to access their Lehman
accounts, the value of the securities continues to fluctuate
along with the markets. The clients may be required to put up
more collateral if the value of those securities drops, a
process known as a margin call.
``If your bank fails, you still have to pay your
mortgage,'' Pearson, 43, said in an interview in Lehman's Canary
Wharf office. ``Who is the holder of the risk of the securities?
The hedge funds. If the value of the securities fell, they have
to meet margin calls.''
Lehman's bankruptcy, the world's biggest, has rocked hedge
funds that relied on the firm to provide loans, clear trades and
handle administrative tasks. MKM Longboat Capital Advisors LLP
will shutter its $1.5 billion Multi-Strategy fund in part
because assets are stuck at Lehman. The freeze has contributed
to the $1.9 trillion hedge fund industry's worst year in two
decades, according to Chicago-based Hedge Fund Research Inc.
Managers with assets at Lehman include New York-based firms
Amber Capital LP and Bay Harbour Management LLC, as well as RAB
Capital Plc and GLG Partners Inc., both based in London. Olivant
Ltd., run by ex-UBS AG President Luqman Arnold, said this month
it can't access a 2.78 percent UBS stake it held through Lehman.

`Years to Unravel'

PwC has been sorting through assets to separate those
Lehman held in trust on behalf of clients and those the bank
held as collateral from clients that it could then loan to other
investors, a practice known as rehypothecation.
``The biggest losers will be those who had the most assets
rehypothecated because they're gone,'' said Pearson. ``Asset
that have been rehypothecated rank together with all creditors
as to when they will get money back.''
Clients with ``trust claims'' will be returned in ``due
course,'' said Pearson. PwC won't return those assets until the
firm is satisfied no other clients have a claim on them, he
added.
``It's going to be many months and maybe beyond many
months,'' he said. It could take years to unravel.''

Limbo

Hedge funds have been urging PwC to work faster. Arpad
``Arki'' Busson, who runs $14 billion in hedge-fund investments
as chairman of EIM SA, called on PwC last week to work ``around
the clock'' to unlock assets.
Until then, clients are stuck in limbo.
``Every second that they waste hurts,'' said Edward Chin,
who runs Pride Revelation Fund, one of dozens of hedge funds in
Hong Kong that used Lehman as their sole prime broker. ``We're
looking at many hedge funds that will have to shut down, but
they can't even shut down because they don't know what they have
left. The thing is I cannot now even liquidate the fund.''
PwC has told some clients they can get their securities
back early provided they agree to return them at a later date if
other creditors have claims on the same assets.

Guarding the `Trough'

PwC won court approval last week for its plan to prioritize
claims, and won't gain anything by adding to the team sorting
out the accounts, Pearson said.
``Throwing more bodies at this doesn't solve the problem,''
said Pearson, who said he has a team of ``some dozens,''
including Lehman staff, sorting through the prime-brokerage
assets, and 141,000 failed trades.
``It shouldn't be he who shouts loudest,'' said Pearson.
``The purpose of the moratorium is to give this process order,
otherwise it's first to the trough. We're a gatekeeper with a
mission to keep this orderly.''
Pearson, one of the administrators for Enron Corp.'s U.K.
bankruptcy, said the payout in that case rose to between 30
cents and 40 cents on the dollar from initial projections of a
fraction of a cent by patiently selling assets. Enron assets
that finally sold for 700 million pounds initially had bids of
20 million pounds, he said.
``If you play the long game you can unlock value, and we
can play the long game,'' said Pearson. ``If you hold a fire
sale you get fire-sale prices. You don't want to be selling
assets in a falling market.''

roberto traduci in sintesi per noi comuni mortali please.

[roberto]

Originalmente inviato da giannigas

No, sono io! Perchè hai qualcosa da ridire?

Gettare più organismi a ciò non risolve il problema