Mainsail

Ms. Robertson, who presents CNN's monthly sailing TV program "Mainsail," says that the quality of coverage has improved in recent years.

Sailing in the Eye of the Wind William Lyons 2011

Maine securities officials are examining the circumstances surrounding Merrill's role in the sale of commercial paper issued by a SIV known as "Mainsail II," an affiliate of London hedge fund Solent Capital Partners LLP, to the state treasury department in August for $20 million.

Prosecutors Widen 2008

Ms. Russell added that she has also spoken with the office of Massachusetts Secretary of State William Galvin, who had asked Merrill to turn over all "sales and marketing materials" related to sales of Mainsail II to Massachusetts investors, according to a letter Mr. Galvin's office sent to Merrill.

Prosecutors Widen 2008

Shortly after, Standard & Poor's Corp. downgraded Mainsail from the highest rating to "junk" status, and the issuer defaulted on an interest payment that same month.

Prosecutors Widen 2008

The office of securities for the state of Maine is also investigating Merrill's sale of Mainsail II paper, sold by the same Merrill Lynch brokers in Massachusetts, to the state treasury.

Springfield, Mass., 2008

Mr. Galvin also requested a detailed breakdown on sales commissions related to Mainsail transactions.

Prosecutors Widen 2008

In August, S&P downgraded notes issued by Mainsail II.

King County, Wash., Fund Michael Hudson And Carrick Mollenkamp 2007

The broker recommended the purchase of commercial paper issued by Mainsail II LLC just before it failed capital adequacy tests and was forced into a restructuring.

How Florida Might Unfreeze a Fund 2007

That's very different from Mainsail II, an SIV managed by U.K. hedge fund Solent, whose investors have rejected a rescue plan proposed by Barclays Capital.

G-7 Leaders Must Take Hard Look 2007

It is unclear, he said, whether the county will lose money on the outstanding commercial paper, including the Cheyne, Rhinebridge and Mainsail investments.

King County, Wash., Fund Michael Hudson And Carrick Mollenkamp 2007