Reuters obtained a copy of the letter provided to investors today:
“The preliminary estimates show there is effectively no value left for the investors in the Enhanced Leverage Fund and very little value left for the investors in the High-Grade Fund as of June 30, 2007,” according to the letter. A copy of the letter was obtained by Reuters …
“The losses reflected “unprecedented declines in the valuations of a number of highly-rated (AA and AAA) securities,” the letter said.
Update: BSC is down nearly 4 percent as this post is updated in after-hours trading.
Question: What do you think is the probability BSC may collapse? If it does, will that be a “Black Swan” event?
