Of all the recent restructurings, one would be hard pressed
to find many instances in which, despite half a year's notice,
investors were told they couldn't have their money back. But
that's exactly what is happening at Marathon Asset Management.
The firm, founded by Bruce Richards and Louis Hanover in 1998,
is holding tight to its wallet - and still charges full
"They're trying to have their cake and eat it too," says one
angry investor. At the end of June, fewer than 20% of investors
in the firm's Marathon Structured Finance Fund asked to redeem
about 14% of the fund's net asset value. Under the normal
course of events, this cash would be paid out in January.
Instead, on November 14, Marathon sent a letter giving these
investors the same choice imposed this year by numerous hedge
funds: Either rescind your redemption...