AN IPO FOR A FUND HOLDING COMPLEX DEBT SECURITIES BACKED BY SUBPRIME MORTGAGES, what a joke. How can you say this market is not crazy. Bear Stearns moves to cancel fund IPO Bear Stearns has called off a planned public offering for a fund holding complex debt securities backed by subprime mortgages, amid a crisis at two other related funds managed by Bear that created turmoil in the market for such risky assets. The two stricken hedge funds, both run by Ralph Cioffi, Bear Stearns managing director, had close ties with the proposed listing vehicle Everquest Financial, also managed by Mr Cioffi.