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Tuesday, November 24, 2009

Reserve Distributes All But 14 Percent of Another Fund

News summary by MFWire's editors

The Reserve is about to distribute 39 percent of the remaining assets in one of its funds. On Friday the beleaguered New York City-based money fund specialist unveiled a $200 million distribution, scheduled for Wednesday, for the shareholders of the Reserve International Liquidity Fund.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

The Wall Street Journal's Min Zeng covered the story in the Tuesday "Fund Track" column.

The fund, based in the British Virgin Islands, broke the buck on September 16, 2008, and had boasted about $2.8 billion in assets, of which only $307 million will remain after this new distribution. (Reserve Primary and the Reserve Yield Plus Fund also broke the buck then.)

Meanwhile, Reserve is fighting to set aside that remaining $307 million in "an escrow account controlled by a court-appointed independent monitor" as the company fights lawsuits related to the fund, brought by Caxton International Limited, Verisign Sarl and Western Union. 

Edited by: Neil Anderson, Managing Editor


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