Not exact matches
Since 2008, Genesis Global Trading has traded over $ 30 billion in auction rate securities and other
illiquid assets.
When the liquidity premium is high, the
asset is said to be
illiquid, and investors demand additional compensation for the added risk of investing their
assets over a longer period of time
since valuations can fluctuate with market effects.
Since then, Argo's
assets under management have continued to decline, no significant fund realisations have been reported, fee receivables from three separate Argo - managed funds have been written - off, free cash flow has turned negative, additional shareholder funds have been invested in
illiquid loans and investments, an emphasis of matter paragraph has been added to the most recent audit report, and the dividend has been eliminated.
Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be
illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a «significant event»)
since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net
asset value.
They don't consider
illiquid assets as particularly relevant and as a result often leave them off official net worth statements
since they «don't matter.»