So he researched the industry, which led him to visit a record plant in Newark that was liquidating its equipment.
Beacon ran hedge funds that were liquidated this year after huge losses on interest-rate bets that went bad in 2002 and is the subject of a probe into whether it defrauded investors by puffing up its performance numbers.
In the meantime, they say, there should be an amnesty from sanctions for clubs forced facing insolvency in the next two years and automatic entry to the Third Division for clubs that are liquidated.
The New Century Financial Corporation, a collapsed subprime lender that is liquidating in bankruptcy, said yesterday that the Securities and Exchange Commission had elevated its investigation of the company to formal status.
Drake, the investment firm founded by former Pimco and BlackRock executives, reportedly told investors this week that is liquidating its flagship, $2.5 billion fixed income hedge fund after heavy losses over the last year.
Burnham Pacific Properties Inc., an owner of strip malls that is liquidating, named Jay Schottenstein, a shareholder, as board co-chairman under an agreement with an investor group he has organized.
The asset manager, based in San Francisco, disclosed last Monday that it was liquidating three poorly performing mutual funds, and that it was facing possible regulatory action by the Securities and Exchange Commission.
Putnam Investments, one of the oldest names in the mutual fund industry, announced Thursday that it was liquidating its Putnam Prime Money Market Fund, a $12.3 billion fund that serves only professional investors.
"If the L.L.C. owns the machinery and somebody sues me, that's an asset of the company that can be liquidated to pay off this person," he said, referring to his limited liability company.
A Shoe Pavilion recently departed after the company, which is based in Sherman Oaks, Calif., announced in October that it was liquidating assets.
