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Investing

Sentinel Goes Charpter 11

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By Douglas A. McIntyre Published

Sentinel Management Group, a futures commission merchant, filed for Chapter 11. The fund has too many redemption requests and its portfolio had dropped sharply in value. The fund may now be able to restructure is debt and keep customers from taking out asset. At least for the time being.

The mess at the fund has to concern the market, because there are likely many other funds with similar problems. The Fed’s rate cut may have helped debt markets and the stock indices for a day, but problems in the mortage markets may get worse as more and more variable rate mortgages become fixed.

The market is likely to receive another series of blows in the form of news about other pools of capital that have become troubled by making wrong bets.

And, that means Sentinel is not the last firm to go bankrupt.

Douglas A. McIntyre

Sent

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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