Hedge fund liquidating

28-Sep-2017 18:03

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With the help of Merrill Lynch, LTCM secured hundreds of millions of dollars from business owners, celebrities and even private university endowments and later the Italian central bank.The bulk of the money, however, came from companies and individuals connected to the financial industry.Over time the valuations of the two bonds would tend to converge as the richness of the benchmark faded once a new benchmark was issued.If the coupons of the two bonds were similar, then this trade would create an exposure to changes in the shape of the yield curve: a flattening would depress the yields and raise the prices of longer-dated bonds, and raise the yields and depress the prices of shorter-dated bonds.LTCM purchased a call option on 1 million of their own shares (valued then at 0 million) for a premium paid to UBS of 0 million.This transaction was completed in three tranches: in June, August, and October 1997.

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Under prevailing US tax laws, there was a different treatment of long-term capital gains, which were taxed at 20.0 percent, and income, which was taxed at 39.6 percent.

Fixed income securities pay a set of coupons at specified dates in the future, and make a defined redemption payment at maturity.

After the action is started, there is another required 91-day waiting period before the marriage may be terminated.… continue reading »

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