Hier noch was zum Lachen (mT)

DT , Samstag, 01.03.2008, 15:34 (vor 6543 Tagen) @ DT

http://ftalphaville.ft.com/blog/2008/02/28/11256/pelotons-bad-news-for-investors/

The Peloton letter to its multi-strategy investors - emphasis ours:

28 February 2008
Dear investor

Peloton Multi-Strategy Fund (the “Fund”)

We are writing to you as founders and co-managing partners of Peloton Partners and at the request of the Directors of the Fund.

As you are aware the Fund has a very large position in the Peloton ABS Fund. We are writing to inform you that we have today had to take steps to attempt to realise the Peloton ABS Master Fund’s portfolio.

As you may also be aware, the Peloton ABS Fund, which has delivered excellent performance since inception, has recently experienced difficulties in the challenging credit markets. Although there has not been any material deterioration in the credit quality of the Peloton ABS Fund’s assets, given the current liquidity situation in the asset backed securities market the Peloton ABS Fund has experienced severe NAV declines. In addition, because of their own well-publicized issues, credit providers have been severely tightening terms without regard to the creditworthiness or track record of individual firms which has compounded our difficulties and made it impossible to meet margin calls.

We have been working night and day exploring every feasible option to alleviate the situation. In the end the best solution has been to seek buyers and we have been actively pursing this option and many others in an effort to stabilise the situation.

The problems for the Peloton ABS Fund have had a serious negative impact on the Multi-Strategy Fund and we are currently assessing our options.In order to protect the interests of stakeholders, the Directors have determined to suspend the calculation of Net Asset Value, subscriptions and redemptions with immediate effect and until further notice.

You will understand that in the circumstances we are limited in what further we can say at this time. However, we will keep you informed to the extent we are able. We deeply regret recent events and appreciate your patience and understanding in these difficult times.

Yours Sincerely
Ron Beller
Geoffrey Grant
(ehemalige Goldman Sachs Gangster)