http://www.opalesque.com/files/BSLetter1.pdf The funniest part is the end : "Ultimately, we understand that you trust your investment..." => HA, HA, HA...
Quote: As the three funds have made news recently, let me explain to you the actions that have been taken and the rationale behind them. First, the high Grade and Enhanced Leveraged funds began bankruptcy proceedings, yesterday in New York and Cayman islands - (Where we were hoping to avoid paying tax to the Government) This was an expected step in the wind down process and allows the funds to engage in orderly liquidation which should ensure an equitable distribution of the remaining assets in the fund. We would like every one to remain calm in the High Grade Enhanced lifeboat while we slowly and calmly bleed you dry. This is in your best interest as we prefer our clients not to panic. By bleeding you dry slowly you will not notice the transfer of blood into our veins. When the high Grade Enhance lifeboat finally succumbs to Davy Jones Locker, you will sink and we will swim away to start up a new fund. As we move forward we intend to continue earning that trust day in and day out of the next batch of gullible investors.
Well that just makes me feel all warm and fuzzy inside. Let me find my teddy bear and have mommy read me that nice bedtime story.