United Capital Asset Management, John Devaneys Key
Biscayne, Florida-based alternatives shop, has liquidated its
Horizon credit funds, following their inability to meet margin
calls from lenders Deutsche Bank and Pershing.
Deutsche Bank, which issued a $90 million margin call in late
June, subsequently seized the funds assets and auctioned
them off, according to a letter Devaney sent to investors on
July 9. The letter said that action depleted the funds...