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Three Funds Declare Bankruptcy
McGinnis Management Partners Focus Fund, Global Fund and Russia Value Fund, with approximately $200 million under management, have filed for bankruptcy court protection.
The funds, known as hedge funds, have suffered due to the Russian debt crisis.
Several other funds have received margin calls, and the investment vehicles thought to protect them (forward foreign currency contracts) likely will be ineffective because they are not expected to be honored by Russian banks. These funds include III Offshore Advisors High Risk Opportunities Hub Fund.
Source: Wall Street Journal, August 28, 1998
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