Asset-backed lending (ABL) has not had the best performance of strategies over the past year. In September 2008 a number of hedge funds and funds of hedge funds (FoHF) using the strategy found themselves caught up in the $3.65 billion fraud allegedly perpetrated by the Petters Group.
The company’s founder, Thomas Petters, is currently standing trial in the US for purportedly tricking funds into lending money against non-existent assets such as electronic goods. When news broke about the
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