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[dasein]

what a little mistake by the news can do! bad, but not so bad.... "Please note: On Tuesday, August 14, a CNBC report incorrectly stated that a MMF managed by Sentinel Management Group, Inc. stopped processing redemptions. The statement was erroneous as the fund in discussion was not a money market fund. " - Stifel Nicolaus. and Fund’s Request for Redemption Halt Denied By REUTERS Published: August 14, 2007 NEW YORK, Aug 14 (Reuters) - Sentinel Management Group Inc., which oversees about $1.6 billion in assets, will not receive help from a commodities regulator to stop clients from pulling out their money, a move that could lead to big losses. The U.S. Commodity Futures Trading Commission said on Tuesday it had no authority to grant Sentinel's request to block client redemptions. "We have no role in whether or not the company does this and whether the client accepts this," a CFTC official said. Sentinel of Northbrook, Illinois declined to comment. But in a letter this week, the investment firm warned clients that a redemption panic could trigger a forced liquidation of securities at steep losses. In a June report filed with the CFTC, Sentinel reported $3.3 million in adjusted net capital and excess net capital of $2.8 million. But money segregated for customer positions totaled $1.53 billion, the report said. "We are concerned that we cannot meet any significant redemption requests without selling securities at deep discounts to their fair value and therefore causing unnecessary losses to our clients," Sentinel said in an Aug. 13 letter to clients. CNBC Television reported the existence of the letter on Tuesday. "We do not see an alternative and we don't believe it is anyone's best interest if a run on Sentinel took place and we were in a forced liquidation mode," Sentinel's management said in the letter. Sentinel, a futures commission merchant with the CFTC, serves as an investment adviser and as an intermediary between investors and the exchanges. Most major U.S. banks and brokerages act as FCMs, including Merrill Lynch affiliates and Morgan Stanley, which reported more than $8.2 billion and $4.3 billion, respectively, in customer funds, according to the CFTC's June report. Besides Sentinel, the CFTC said there had been no other halt redemption requests. Meanwhile, after the Sentinel redemption halt request became public, CME (NYSE:CME) Group , the largest U.S. futures exchange, said its clearing member firms have continued to meet all of their obligations and remain in good standing. CME said Sentinel is not a clearing member of the CME Group or any other exchange.

[TTHQ Staff]

Thanks for the update.
That's what I get for believing in what I read in the news.
I shuuda known better