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Last week, Amaranth Advisors told its investors it hoped to win back their confidence. Today, The Wall Street Journal is reporting that Amaranth is liquidating all its assets.

The Journal calls it one of the “most spectacular” collapses of a major hedge fund ever.

Then there’s this from The New York Times:

Nick Maounis, the hedge fund’s founder, sent a letter to investors Friday night informing them that the fund was suspending withdrawals by investors to “enable the Amaranth funds to generate liquidity for investors in an orderly fashion, with the goal of maximizing the proceeds of asset dispositions.”

That means the county of San Diego’s pension system will have to get in line to get whatever it can out of the fund.

Good luck.

SCOTT LEWIS

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