Deephaven Capital Management announced yesterday that
it will shutter its on- and off-shore funds that had focused on
U.S. event-driven strategies following poor performance and
massive redemption requests. Andy Greenberg, who has managed
the funds for about a year, is leaving the firm.
Deephaven Event Fund (onshore) lost 0.7% in 2007, while the
offshore version lost 1.29%, as activity in mergers and
acquisitions, as well as corporate restructurings, dried up.
Over the same period, the Absolute Return Event Driven Index