Investors in Ritchie Capital Management’s Multi-Strategy Fund are expected to recoup very little of the capital invested in life policies, after a January 9 auction of these assets failed to raise more than is owed to creditors, said Ritchie in a January 15 letter to investors.
In a second letter, also dated January 15, Thane Ritchie’s Lisle, Ill.-based hedge fund shop announced that it had filed a motion to dismiss the petition for involuntary bankruptcy of the multistrategy fund filed by three investors that lent the fund...