UBS hedge fund exposure
Saturday 17 October 1998
UBS last night refused to comment on reports that it had liquidated $250m of bonds held as collateral after Ellington allegedly missed a margin call this week.
Ellington is run by former Kidder Peabody trader Michael Vranos out of Greenwich Connecticut where Long-Term Capital Management is based. Mr Vranos has told investors that it is liquidating some of its bond portfolio in order to reduce borrowings and stay in business.
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