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And the cash piles must be set against the debts, some of which have been accumulated to fund share buybacks.
The clubs would raise their $85 million fund by taking an equal central fund share of $2.83 million per club.
The value of a fund share ended the third quarter at $6.15, down about 40percentt in the fund's 15-month life.
Hedge fund managers aggressively sought to identify discrepancies in fund share prices and to capitalize on them by rapidly trading those shares.
That spurred widespread concern among money fund investors who have long trusted that they could always redeem a money fund share for a dollar without the risk of losses.
Not only is the insurance company transacting orders on 'behalf of its fund share holders, but also directly for the stockholders of the insur ance company when it buys and sells stock in its own in surance portfolio.
Similar(31)
Mr. Hallac, who used to trade in fund shares in the 1970's, now invests in hedge funds that trade in mutual fund shares.
shares, it receives shares of the stocks that the fund shares represent.
Such entity may include the fund sponsor or depository acting as custodian for fund shares.
Mr. Ostrowski denies ever having broken any rules selling fund shares.
The requests relate to late trading in fund shares and market-timing activities.
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