LTCM rescuers could share $50m

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The Independent Online
LTCM rescuers could share $50m

THE PARTNERSHIP that controls Long-Term Capital Management, the hedge fund that had to be saved from collapse in September, could collect end- of-year performance fees of $50m (pounds 30m).

Under the terms of the $3.6bn bailout, the controlling partners are entitled to collect 15 per cent of all profits made by the fund after the rescue package was agreed. According to reports, this share could be as much as $50m.