by Calculated Risk on 7/26/2007 05:41:00 PM

From the WSJ: Bear Stearns Seizes Hedge Fund Assets

The parent company has assumed ownership of the remaining assets ... in the High-Grade Structured Credit Strategies Fund. Those assets will now be hedged by Bear's trading team and likely sold when their values seem more attractive, says a person close to the situation.

The High-Grade fund was the less levered fund, so I suppose this means both funds are (or will be) shut-down.