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Benedicte Gravrand, Opalesque Geneva:
According to Magnum U.S. Investments, Inc, a fund of hedge funds manager and hedge fund sponsor, Jericho Tax Lien Offshore Investments Ltd and Jericho 2010 Tax Lien Fund LP have returned capital to investors and are no longer reporting prices to database companies. The funds were self liquidating.
Jericho 2010 Tax Lien Master Fund, L.P., launched in March 2010, is based in Florida and managed by the General Partner (itself 100% owned by Scott Svirsky and Glenn Chwatt). Autumn Capital Partners LLP are advisors and Magnum provides Jericho with consulting services, back office support and marketing assistance.
Tax Lien Certificates are secured debt investments in US property tax receivables that rank senior to a first mortgage and carry a typical loan-to-value ratio of less than 5%. The funds were started on the belief there was great potential for generating returns by purchasing tax liens. The fund's DD form confirms: "As a result of the self-liquidating nature of the Fund, there will be no redemptions."
Furthermore, Jericho All-Weather Opportunity Fund LP and MG Secured Debt Fund have suspended calculation of their NAV and no longer report to the database companies, says Magnum in an e-mailed statement received by Opalesque yeterday.
The MG Secured Debt Fund, launched in 2006, is a Bahamas-based low volatility b...................... To view our full article Click here
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