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Thursday, July 05, 2007

Hedgies: Another One Bites the Dust

by Calculated Risk on 7/05/2007 02:39:00 AM

From the WSJ: Funds Accelerate Subprime Exit Strategy

Investors received a letter earlier this week from Braddock Financial Corp. of Denver. It said it was closing its Galena Street Fund, which mainly invests in bonds backed by subprime mortgages extended to borrowers with poor credit, and suspending redemptions until it can sell assets in the roughly $300 million fund.