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Examples
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For example, in March of 2008 as Bear Stearns bit the dust, the Carlyle Group's CCC fund assets and the assets of Peloton's funds boomeranged back on bank balance sheets at the most inopportune time.
Janet Tavakoli: Inside the Wall Street Journal's Future of Finance Initiative 2009
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Peloton's problems were exacerbated by the fact that fund had made its bets using large amounts of borrowed money, or leverage.
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Jaw-Dropping Gains He berated some investors who decamped, questioning why they would forgo Peloton's gains, which by November 2007 had reached a stunning 87.6%, largely on the bearish housing bet.
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Luring Investors At a Goldman-hosted hedge-fund conference in a Spanish coastal resort, Peloton's team held court with potential investors, laying out the fund's strategy: Make money on global economic trends through bets on a variety of assets, including bonds and currencies.
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In Peloton's case, the fund manager had been in talks to sell some of its holdings.
Banks seize assets of Peloton Carrick Mollenkamp, Gregory Zuckerman 2008
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People familiar with the situation say Peloton's 14 lenders include Bear Stearns Cos.,
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In the end, Peloton's managers opted to shut the fund down, noting that credit providers such as banks "have been severely tightening terms without regard to the creditworthiness or track record of individual firms, which has compounded our difficulties and made it impossible to meet margin calls," the managers said in the letter.
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On Wednesday night, Citadel's team was at Peloton's office, scrutinizing Peloton's books.
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Bankers 'Demands As the value of Peloton's investments fell, its bankers began demanding that it put up more collateral to guarantee that it could pay back the money it had borrowed to make those investments -- a move known as a margin call.
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For investors, the troubles are an especially painful turnabout because the firm's heady gains last year led to big payouts for Peloton's executives.
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