Without A Buyer, PlusFunds Plans To Shut Down

Law360, New York (May 11, 2006, 12:00 AM EDT) -- Although bankrupt hedge fund manager PlusFunds Group Inc. had fielded two promising bids from private equity firm FTVentures and Bear Stearns Asset Management Inc. to purchase its assets just weeks earlier, it failed to secure a buyer and announced its plan to wind down its business.

After both bids fell through, PlusFunds said it had no choice but to shut down, according to court documents filed in the U.S. Bankruptcy Court in Manhattan on Tuesday.

PlusFunds’ “past and present substantial efforts to locate another purchaser for...
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