Ritchie investors to miss out on auction proceeds


Investors in Ritchie Capital Management’s Multi-Strategy Fund are expected to recoup very little of the capital invested in life policies, after a January 9 auction of these assets failed to raise more than is owed to creditors, said Ritchie in a January 15 letter to investors.

In a second letter, also dated January 15, Thane Ritchie’s Lisle, Ill.-based hedge fund shop announced that it had filed a motion to dismiss the petition for involuntary bankruptcy of the multistrategy fund filed by three investors that lent the fund money.

Ritchie also filed an objection to their “motion for discovery, and