No amount of restructuring could save Braddock Financial's $330 million Mortgage Opportunity Fund VI, which lost 20% in 2007 even after the fund had cut way back on its leverage. Fund investors, notified in May that the fund would pursue an orderly wind down, are expected to receive their first quarterly distribution on July 1. Braddock has told clients the wind down could take two to three years.
Such news is not the first for Braddock investors. Last summer, Braddock decided to unwind two other funds tied to the mortgage market.
Braddock was founded by Harvey Allon, a mortgage