margin loans to directors, page-7

Researcher,it is my understanding that the 'Bond Street custodians' are representing a group of individual investors who were all clients of Avenue. These clients were possibly considered wholesale investors. Clients who invested either directly or indirectly through Avenue Capital had approx $51 mill in the PIF and I read somewhere that in the 3 years prior to the collapse of MFS, the PIF had been the largest recipient of Avenues clients funds. I don't know if there were any other large withdrawals just prior to or after the MFS melt down. In hindsight, the PIF was showing similaraties to Bernie Madoffs ponzie scheme on a smaller scale in my opinion. Seamisty