From: "Barrett, Paul S" <
To: Jeffrey Epstein <jecvacation(kgmail.com>
CC: "Harry Beller (
Subject: Haze Trust
Date: Thu, 25 Aug 2011 11:58:46 +0000
Jeffrey
Update on Haze:
HY spreads have widened around 200bps since July which has hurt the mtm on our bond and pfd positions. The biggest
selloff has been with the Bank of America Pfds which are down almost 25% since we bought them. From a capital
perspective they are well positioned to meet Basel III capital requirements. Any common equity capital raise would be
good for our pfds.
BAC Pfd down 740K
HY Bond Fund down 426K
Account down $1.6MM
We remain comfortable with the names we own but will re-asses these positions in early September. Illiquidity has
exacerbated many of these recent moves.
Paul
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
40W 57th Street, 33rd Floor, New York, NY 10019
(W) (F)
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