SageCrest
SageCrest LLC Hedge Fund
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Aug. 25 (Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, has been trying to collect $107 million loaned to bankrupt units of the SageCrest LLC hedge fund, according to court documents.
SageCrest Holdings Ltd., a Bermuda-based unit that filed for bankruptcy protection Aug. 20, said it had about $100 million outstanding under a credit facility with Deutsche Bank. SageCrest II LLC, a Greenwich, Connecticut-based fund, sought bankruptcy protection Aug. 17 after the bank told it to sell assets at a discount to pay a $7 million loan, said the fund's lawyer, Bill Brewer of Bickel & Brewer.
Deutsche Bank told SageCrest management that it ``simply wanted the debtors to liquidate their assets as quickly as possible to pay all amounts outstanding on the credit facilities,'' the hedge fund said in papers filed Aug. 22 in U.S. Bankruptcy Court in Bridgeport, Connecticut.
SageCrest specializes in making secured loans to smaller companies in financial, life-insurance and mortgage businesses that can't get money from ``traditional sources,'' according to court documents. For the full story please see this link.
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