by Calculated Risk on 7/17/2007 05:31:00 PM

From the WSJ: Two Bear Funds Nearly Worthless, Investors Told

The assets in Bear's more levered fund, the High-Grade Structured Credit Strategies Enhanced Leverage Fund, are worth virtually nothing, according to people familiar with the matter. The assets in the other larger, less-levered fund are worth roughly 9% of the value since the end of April, these people said. The April valuations weren't immediately available but in March, before their sharp losses, the enhanced leverage fund had $638 million in investor money, while the other fund had $925 million.
...
Bear disclosed this information to investors earlier Tuesday and is expected to make a statement Tuesday evening, these people said.