by Calculated Risk on 7/30/2007 08:28:00 PM

From MarketWatch: Sowood hedge funds lose more than half their value

The Sowood Alpha Fund Ltd. and the Sowood Alpha Fund LP are down roughly 57% and 53% in July, respectively, and about 56% and 51% so far this year ...

According to the letter from Sowood posted at the WSJ, Sowood has shut down both funds, sold the assets to Citadel Investment Group and will distribute the remaining assets to shareholders soon. A 50%+ haircut is better than a total loss (like for the Bear Stearns hedge funds).

UPDATE: Apparently the loss was $1.5+ Billion (from just over $3 Billion).