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 management fees.
"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