Tag Archives: collapse

UPDATE 3-Third Avenue parts with CEO soon after collapse of junk bond fund -WSJ

The collapse of Third Avenue’s Focused Credit Fund jolted Wall Street and renewed worries about the difficulty of trading securities on the U.S. bond marketplace. New York-primarily based Third Avenue is a relatively modest investment manager with fund assets that totaled $ ten billion at the beginning of the year.

A security guard at Third Avenue’s headquarters said on Sunday that Barse had been let go and was not allowed back in the creating, the Wall Street Journal reported.

A Third Avenue representative declined to comment. Barse did not respond to calls. His function e mail bounced back with the message “undeliverable”.

Third Avenue’s Focused Credit Fund was overwhelmed with heavy losses and surging investor net withdrawals, forcing Barse to abruptly liquidate the fund and block redemptions.

The redemptions and losses more than the previous year cut the size of the Third Avenue Focused Credit Fund to $ 789 million from almost $ three billion. Run by Tom Lapointe, the fund bet on distressed situations, such as the bankruptcy-related claims of Lehman Brothers. In a letter to investors last year, Lapointe, who could not immediately be reached for comment, stated distressed assets in his portfolio had been not necessarily illiquid or hard to trade.

The fund’s collapse is a blow to the reputation of Third Avenue Founder Marty Whitman, regarded the dean of American vulture investing. He hired Barse in 1991 to oversee the firm’s operations so he could spend much more time pursuing his own investment techniques.

Whitman could not be reached for comment.

The blow-up of the Focused Credit Fund was the most significant mutual fund failure considering that the economic crisis. The fund’s collapse shows the dangers of loading up on risky assets that are tough to trade even in excellent instances.

Just before Barse, 53, joined Third Avenue, he worked as a bankruptcy attorney defending the rights of creditors. He had been CEO of Third Avenue because 2003.

Whitman was a leader in a strategy that includes bets on the outcomes of businesses going via bankruptcy and other distressed conditions. The 91-year-old’s book titled “Distress Investing” distills decades of understanding about the ins and outs of bankruptcy restructuring.

In 2002, Affiliated Managers Group Inc purchased a majority equity stake in Third Avenue, with the remaining portion held by a broad group of workers that incorporated Whitman and Barse. Third Avenue, nonetheless, continued to operate autonomously from AMG, which holds stakes in a quantity of boutique asset management firms. AMG could not quickly be reached for comment.

(Reporting by Sam Forgione, Tim McLaughlin and Ross Kerber editing by Grant McCool)

Trump ’embarrassed’ by collapse

Judd Trump mentioned his third-round exit was the “worst he’d ever felt” as a professional
UK Championship
Venue: York Barbican Dates: 24 November-6 December
BBC coverage: Watch on BBC Two, Red Button, BBC Sport internet site, Connected TVs, tablets, mobiles and app from 28 November.

England’s Judd Trump lost five frames in a row as he was beaten by China’s Liang Wenbo on a dramatic evening at the UK Championship.

Last year’s runner-up coasted into a 3- lead, scoring 278 unanswered points just before an “embarrassing” collapse.

But Trump’s defeat was overshadowed by a heartbreaking missed 147 by Thailand’s Thepchaiya Un-Nooh.

Un-Nooh fluffed a maximum break with a final black miss in the sixth frame of his six-2 defeat against Neil Robertson.

The miss expense Un-Nooh £44,000 in total.

Robertson, the 2013 champion, created a 145 in the subsequent frame to claim the highest break of the tournament and eased to victory.

Un-Nooh’s gut-wrenching error, after many astonishing pots had kept his hopes of a maximum alive, partly kept Trump’s troubles out of the limelight.

Trump, the 2011 winner, scored 112 in the 1st frame, 75 in the third and looked in majestic kind to lead 3-,

But a kick in the sixth frame, when he could have gone 5-1 ahead, changed the course of the game according to the pre-tournament favourite.

“At four-1 I felt in total manage and was playing effectively, but I had a kick and it was embarrassing towards the end,” he said.

“It was 1 of these games where I did not want to be out there any much more. I didn’t feel I could pot a ball. I never know what went incorrect. It is worrying.

“It is almost certainly the worst I have ever felt as a professional. I was by no means going to win. It was quite disheartening. I knew something would go wrong. It was a horrible feeling.”

Wenbo said: “I am very satisfied. At 4-three I believed I had a possibility. He missed some easy balls.”

Murphy is one particular of only ten players to have won snooker’s Triple Crown of the Planet Championship, UK Championship and Masters

Magician Murphy

In the afternoon session Planet number four Murphy comfortably beat Ben Woollaston, finishing an increasingly impressive overall performance with a stylish 106.

The 2008 champion began in ominous style, hitting an opening-frame 83.

Woollaston had numerous chances but Murphy showed his matchplay high quality and potting capacity to score two 70-plus breaks and secure victory with a 106.

“I am quite pleased with my efficiency,” Murphy, 33, said.

World number 30 Woollaston was amazed by some of the shots attempted by Murphy.

“He goes for balls that no-1 else goes for. I never believe even Judd would have gone for some of the ones he went for,” Woollaston mentioned. “In the final frame I thought I played a wonderful safety and he produced a century.

Un-Nooh misses final black in 147 bid

Murphy added: “Element of going for your shots is saying, ‘I am ready to go for my shots, are you?’

“It sends a message out to your opponent. I have constantly gone for my shots and I always will.”

There were also wins for Englishmen Tom Ford and Martin Gould, Scotland’s Stephen Maguire and Hong Kong’s Marco Fu.