Bear Stearns funds have "lost almost all value"

Bear Stearns has told investors that two of its hedge funds have lost almost all their value after taking massive losses on the US subprime mortgage market.

The bank told investors yesterday the High-Grade Structured Credit Strategies Enhanced Leverage Fund had effectively no value left, and the High-Grade Structured Credit Strategies Fund had enough to pay investors only nine cents on the dollar.

The second fund will repay Bear Stearns, the senior creditor, $1.4 billion in emergency funding t

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