Our Estimation? Follow the Money… Platinum Files Bankruptcy

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EMERGENCY TRIAGE?  We say, “FOLLOW THE MONEY!!!”:

Detractors are calling it “emergency triage” and we could not agree more. We only hope that the Federal authorities get it right on this one and start checking private accounts for Platinum principles and major investors past and present, Murray Huberfled, Mark Nordlicht, Brian Jedwab, etc., their respective families, trusts, associates and friends.

 

THE WALL STREET JOURNAL REPORTS:

Platinum Partners’ Flagship Hedge Fund Files for Bankruptcy – WSJ
http://s.wsj.net/javascript/ie8-vendor-libs.js

Platinum Partners’ Flagship Hedge Fund Files for Bankruptcy

The fund, which is facing a federal fraud investigation, files for chapter 15 protection

 
http://s.wsj.net/javascript/ie8-vendor-libs.js

Platinum Partners’ flagship hedge fund, which faces a federal fraud investigation, filed for bankruptcy protection Tuesday.

The filing in U.S. Bankruptcy Court in Manhattan notes that Platinum “is experiencing severe and substantial liquidity problems that threaten to result in the devaluation of the funds’ assets.”

Platinum filed for chapter 15 protection, the section of the U.S. code that deals with international insolvency. Platinum’s flagship fund, like many of its peers, has operations in the Cayman Islands.


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Platinum recorded one of the most impressive performance records in the hedge-fund world until this summer, when it announced it would liquidate. It said at the time it had $1.25 billion under management. It hasn’t yet handed back the money.

The fund’s liquidators said in the filing they are conducting “emergency triage” to protect the fund amid concurrent investigations by the U.S. Securities and Exchange Commission and Department of Justice.

 

To read the article in its entirety click, here.

 

For Further Reading:

Platinum Partners’ Flagship Hedge Fund Files for Bankruptcy – WSJ
http://s.wsj.net/javascript/ie8-vendor-libs.js

2 thoughts on “Our Estimation? Follow the Money… Platinum Files Bankruptcy

  1. Bodner and Huberfeld started their careers as cons by being arrested for faking the securities exam 30 years ago. And now is anyone surprised over this?

    My question:

    WTF are all the yeshivas going to do with all the STOLEN MONEY that took in donations from these guys? From Sha’ar Yoshuv to the Brisker Kollel, it is all a DISGRACE!!!!

    Like

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