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Alternative Market Briefing

Cash-management firm Sentinel Management Group halts client redemptions, Firm plays tricks with website, suddenly `Under construction`, Download link Sentinel Client Letter, No authority: US CFTC says can`t halt Sentinel redemption, Analysis: How `cash` managers fell into illiquidity trap, Horizon Cash Management says not exposed
Wednesday, August 15, 2007

Cash-management firm Sentinel Management Group halts client redemptions From Bloomberg.com: Sentinel Management Group Inc., the Illinois-based cash-management firm that oversees $1.6 billion, froze client withdrawals after saying that credit-market turmoil made it impossible to trade without incurring losses.

Sentinel, based in the Chicago suburb of Northbrook, said it contacted the Commodity Futures Trading Commission for approval to halt redemptions ``until we can honor them in an orderly fashion,'' according to an Aug. 13 client letter posted on TheStreet.com Web site. Regulators said the firm never made such a request. ``They're not honoring withdrawal requests, and the plan is over time to get out of positions,'' Jeff Barclay, a lawyer with Chicago-based Schuyler, Roche & Zwirner who represents Sentinel clients, said in an interview today. ``Their intent is to return money to clients, which is an admirable position, but it's a breach of contract and bad for a client that needs the money tomorrow for a margin call...Full article: Source

Opalesque Exclusive: Firm plays tricks with website, suddenly `Under construction` This no good news for our industry, as the firm also services hedge funds and CTAs. This morning when I looked at their site www.sentgroup.com, it was DO......................

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