[bruinbirdman]

No liquidity, no business in the U.S.A. Hedge fund owners are having a problem coming up with a NAV.

Except for Blackstone who saw the handwriting on the wall and put a tiny bit up for public auction, thereby establishing a NAV. It has gone down since becoming public.

[proxy_user]

If they are forced to sell their dicey CDOs, a market price for subprime tranches will be set.

It’s probably not a price the other hedge funds will want to hear.

[Racer1]

Somehow I bet the managers made millions.

[Moonman62]

Galena investors will receive 20 percent of their balances by early next week, and then probably "more frequently than quarterly," he said.

It's almost like an old fashioned bank panic, except these funds can apparently pay back their customers at their own pace.

[Moonman62]

The fund had bets that benefited on both gains and losses in the subprime mortgage market, he said.

It doesn't matter if they can benefit both ways. Having subprime is like having the cooties. You can't go to a party anymore and brag about owning anything to do with subprime.