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Bear Stearns Hedge Funds in Flux

Stock quotes in this article: BSC , MER  

Two Bear Stearns (BSC Quote) leveraged hedge funds appear to be losing their battle to stay afloat.

The investment vehicles, known as the High Grade Structured Credit Strategies Enhanced Leveraged Fund and the High Grade Structured Credit Strategies Fund, have been struggling to stay afloat over the past several days. But reports Wednesday say they could be shutting down after a major creditor has decided to unload assets and collateral tied to the funds' mortgage investments.

Creditor Merrill Lynch (MER Quote) seized the funds' collateral late last Friday. It reconsidered a plan to shop the assets on Monday in order to hear out Bear Stearns' last-ditch effort to keep the funds running and pay off its lenders. ...

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