John Hankins' Tenet Convertible Opportunities Fund was placed in receivership by order of a federal judge in New York this week. Tenet and Hankins were accused by the Securities and Exchange Commission of concealing massive trading losses from the fund's 17 investors.
However, there may be little cash for investors to recover. The civil complaint filed by the SEC says the convertible fund lost some $20 million of its $22 million in assets on a massive bet last year that rested on whether Google's stock would tank. Instead, Google's subsequent price rise led to the losses that were