what a financial mess. below two news items relating to kkr and aust's basis capital.
http://www.cnbc.com/id/20278517
An affiliate of powerful leveraged buyout firm Kohlberg Kravis Roberts & Co. said Wednesday it will lose about $40 million from selling $5.1 billion in residential mortgages and warned an additional $200 million hit could be coming.
http://www.bloomberg.com/apps/news?pid=20601081&sid=aEe5uFFGLKHk
Basis Capital Tells Investors Loss May Exceed 80%
Basis Capital Fund Management Ltd. told investors losses at one of its hedge funds may exceed 80 percent as the U.S. subprime mortgage rout prompted creditors to force the Sydney-based company to sell assets.
Basis Capital is unable to ``accurately estimate'' the value of units in its Yield Fund, the hedge fund said today in a letter sent to investors and obtained by Bloomberg News. The losses have worsened since a month ago, when it said the fund may decline more than 50 percent. The firm managed $1 billion in March.
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