Satellite starts to liquidate, but could take two years

Mon Dec 15, 2008

Following a wave of redemption requests resulting in its largest drawdown ever, the now-$4 billion Satellite Asset Management has begun a gradual liquidation of its flagship Satellite Credit Opportunities Fund. Unlike many other firms that are rapidly liquidating assets, however, Satellite's efforts to wind down its fund could take up to two and a half years, and the firm still hopes it can ultimately salvage the fund.

"Unusual and unanticipated market forces, coupled with related extreme illiquidity, have...

ISSN: 2151-1845 / CDC10004H

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