Kelsoe knew he had a problem in late 2006. He hid it hoping he would work his way out. When he saw the hand writing on the wall he called in a consultant or independent pricing agency to cover his ass and that of his own Board. So about 8/10/07 he said - OH Shit! and the NAV dropped 10% in one day.
It was too late - the tiger had him by the tail.
Doomed and over-valued - over-extended & way over the confines of his prospectus he was lost. Negligence? Yes
Breach of fiduciary duty? Yes Arogance? Yes
Try as they may the Regions Parent can not help this poor son. Will heads roll? Yes Will the fund continue to lose over the 48% today? Yes Should investors take legal action? YES YES YES. This type of investment and the way it was portraid to investors needs to be driven from the market.
Kelsoe knew he had a problem in late 2006. He hid it hoping he would work his way out. When he saw the hand writing on the wall he called in a consultant or independent pricing agency to cover his ass and that of his own Board. So about 8/10/07 he said - OH Shit! and the NAV dropped 10% in one day.
It was too late - the tiger had him by the tail.
Doomed and over-valued - over-extended & way over the confines of his prospectus he was lost. Negligence? Yes
Breach of fiduciary duty? Yes Arogance? Yes
Try as they may the Regions Parent can not help this poor son. Will heads roll? Yes Will the fund continue to lose over the 48% today? Yes Should investors take legal action? YES YES YES. This type of investment and the way it was portraid to investors needs to be driven from the market.