Silver fragments help end smelly underwear

Section:

Rogers Fund Halts Redemptions Due to Refco

By Herbert Lash
Reuters
Thursday, October 20, 2005

http://today.reuters.com/investing/financeArticle.aspx?
type=bondsNews&storyID=2005-10-
20T191035Z_01_N20537083_RTRIDST_0_FINANCIAL-REFCO-ROGERS-UPDATE-2.XML

NEW YORK -- A fund that tracks a commodities index created by
investor Jim Rogers said on Thursday it was unlikely to allow
clients to immediately redeem investments as 63 percent of its
assets were held by nearly collapsed Refco Inc.

Beeland Management Co. LLC, a Chicago-based manager for the Rogers
International Raw Materials Fund LP, said it could not be sure if
the fund would lose assets held by Refco's unit Refco Capital
Markets.

Walter Price, a managing member of Beeland, also said in a letter to
investors that it was unable to provide an accurate value of fund
units because of Refco's bankruptcy.

Beeland, Rogers' middle name, is majority controlled by Rogers, who
co-founded the Quantum Fund in the 1970s with George Soros. No
longer associated with Soros, Rogers is the author of "Investment
Biker" and a frequent media commentator.

In Refco's bankruptcy filing this week, the fund was listed as a
creditor with claims of $75.2 million. Another Beeland-managed fund,
the closely held Rogers Raw Materials Fund, has claims to $287.4
million.

The smaller fund began trading in November 2001. Its assets more
than tripled this year, rising to $90.1 million as of June 30,
according to regulatory documents. The fund was sold through one of
Refco's many units, and futures trading was conducted by a Refco
broker.

Price said he hoped the assets of the international fund could be
returned, but acknowledged they may be tied up in bankruptcy
proceedings for some time.

The fund is listed as one of the largest unsecured creditors of
Refco Capital Markets, but that is not a legal conclusion, Price
said. Certain creditor claims are securities that the Refco unit is
obligated to return to customers, he said, citing the bankruptcy
filing.

"We are as shocked as we're sure you are by the disclosure of
misconduct, the incredibly rapid deterioration and subsequent
bankruptcy of Refco," Price said.

He said the firm's legal counsel was working to have the fund's
assets returned to its trading account at Refco LLC or Man Financial
Inc., as they are specifically identifiable securities held for a
customer. In June, more than two-thirds of the fund's assets were
held in U.S. government notes.

Price said the fund anticipated that no redemptions would be
processed for Oct. 31, but if Beeland was successful in gaining
access to the assets, a special redemption date would be announced.

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