Reply #52: Rogers fund halts Oct. 31 redeptions due to Refco [View All]

[UpInArms]

perhaps that word should be "bleak" instead of "glum"?

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-20T145455Z_01_N20525668_RTRIDST_0_FINANCIAL-REFCO-ROGERS-URGENT.XML

NEW YORK, Oct 20 (Reuters) - Managers of a fund that tracks a commodities index created by investor Jim Rogers said on Thursday they expected no redemptions to be processed for Oct. 31 since almost two-thirds of the assets are held by a unit of bankrupt Refco.

Beeland Management Co. LLC, a Chicago-based adviser for the Rogers International Raw Materials Fund LP, said it was unsure the fund would sustain any loss on the assets held by Refco (RFXCQ.PK: Quote, Profile, Research) unit Refco Capital Markets, and that it was unable to provide an accurate value of the fund's units.

Beeland said it anticipated no redemptions will be processed for Oct. 31. If Beeland is successful in persuading a bankruptcy court to release the fund's assets, a special redemption date for those investors wishing to redeem their assets will be announced, it said.

Refco, the largest U.S. independent commodities and future brokerage, and certain subsidiaries filed for Chapter 11 bankruptcy protection on Monday, after its chief executive was charged with fraud and the company's stock price collapsed.

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