Rogers International Raw Materials Fund halts redemptions due to Refco

verfasst von CRASH_GURU, 21.10.2005, 08:19

-->UPDATE 3-Rogers fund halts redemptions due to Refco
Thu Oct 20, 2005 04:59 PM ET
(Adds background on Rogers index, holdings)
By Herbert Lash

NEW YORK, Oct 20 (Reuters) - A commodities fund backed by investor Jim
Rogers said on Thursday it was unlikely to allow clients to immediately
redeem investments because 63 percent of its assets are held by bankrupt
Refco Inc. (RFXCQ.PK: Quote, Profile, Research)

Beeland Management Co. LLC, a Chicago-based manager for the Rogers
International Raw Materials Fund LP, said it could not be sure if the
fund would lose assets -- mostly U.S. government notes -- held by a
Refco unit, Refco Capital Markets.

Walter Price, a managing member of Beeland, also said in a letter to
investors that it was unable to provide an accurate value of fund units
because of Refco, which sank into bankruptcy after its chief executive
was charged with fraud.

Beeland is majority-controlled by Rogers, who co-founded the Quantum
Fund in the 1970s with George Soros. No longer associated with Soros,
Rogers, whose middle name is Beeland, is the author of"Investment
Biker" and a frequent media commentator.

In Refco's bankruptcy filing this week, the fund was listed as a
creditor with claims of $75.2 million. Another Beeland-managed fund, the
closely held Rogers Raw Materials Fund, has claims of $287.4 million.
The funds track a commodities index that Rogers created in the late 1990s.

The smaller fund began trading in November 2001. Its assets more than
tripled this year, rising to $90.1 million as of June 30, according to
regulatory documents. The fund was sold through one of Refco's many
units, and futures trading was conducted by a Refco broker.

Price said he hoped the assets of the international fund could be
returned, but acknowledged they may be tied up in bankruptcy proceedings
for some time.

The fund is listed as one of the largest unsecured creditors of Refco
Capital Markets, but that is not a legal conclusion, Price said. Certain
creditor claims are securities that the Refco unit is obligated to
return to customers, he said, citing the bankruptcy filing.

"We are as shocked as we're sure you are by the disclosure of
misconduct, the incredibly rapid deterioration and subsequent bankruptcy
of Refco," Price said.

He said the firm's legal counsel was working to have the fund's assets
returned to its trading account at Refco LLC or Man Financial Inc., as
they are specifically identifiable securities held for a customer.

In June, more than two-thirds of the fund's assets were held in U.S.
Federal Home Loan bank notes. Positions were held in energy, metals and
agricultural open futures contracts.

Price said the fund anticipated that no redemptions would be processed
for Oct. 31, but if Beeland was successful in gaining access to the
assets, a special redemption date would be announced.

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gesamter Thread:

• Neue Erkenntnisse in der BAWAG Kreditaffäre (REFCO-Pleite) - Der Einarmige Bandit, 20.10.2005, 16:13
  • Neues vom Gretchen: Insiders Collected $1 Billion Before Refco Collapse (o.Text) - sensortimecom, 20.10.2005, 17:48
    • Rogers International Raw Materials Fund halts redemptions due to Refco - CRASH_GURU, 21.10.2005, 08:19
      • Die Folgeschäden - politico, 21.10.2005, 09:12
  • Der BAWAG-Bank-Run hat schon begonnen - politico, 20.10.2005, 18:50
    • Auweh, jetzt wirds eng: Bawag-Mann war Finanzchef bei Refco - sensortimecom, 20.10.2005, 19:47
      • Auweh, jetzt wirds eng: Bawag-Mann war Finanzchef bei Refco / falscher Link - sensortimecom, 20.10.2005, 19:53
      • Sie mauern - politico, 21.10.2005, 09:07
        • Klar. Sind ja auch großteils Freimaurer;-) (o.Text) - fliegenphisher, 21.10.2005, 09:53
          • Wird wohl so sein - politico, 21.10.2005, 10:06