Sentinel seeks halt to payouts |
| Chicago Tribune - Aug 15, 2007 |
Citing a crisis in credit markets in which "investor fear has overtaken reason," a Northbrook-based money-management firm with about $1.6 billion under management wants to halt withdrawals by its clients, saying that is needed to avoid a run on the company that could end in forced liquidation.
"We previously thought that the market would return to some semblance of order and that our clients would not join in the panic," Sentinel Management Group Inc. said in a letter to clients on Monday. But too many clients want to withdraw their money, making Sentinel the latest firm to be threatened by market volatility.
"We are concerned that we cannot meet any significant redemption requests without selling securities at deep discounts to their fair value and therefore causing unnecessary losses to our clients," it said.
Read Full Article from Chicago Tribune
- Posted: 2007-08-15 09:42:50
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