Greenwich Sentry, L.P. and Greenwich Sentry Partners, L.P., related private investment partnerships, voluntarily filed for chapter 11 bankruptcy protection on Friday in New York. The companies state in bankruptcy filings that their "investment objective was to seek to obtain capital appreciation of assets primarily through the utilization of non-traditional options trading strategy described as 'split strike conversion.'" That strategy was "implemented by Bernard L. Madoff Investment Securities LLC (BLMIS)." As has been widely covered, Bernie Madoff was arrested in December 2008 and his operations were revealed to be a massive Ponzi scheme.
As a result of the Madoff revelations, Greenwich Sentry has been the subject of significant litigation.
Read more: http://www.netdocketsblog.com/2010/11/greenwich-sentry-funds-investors-in.html#ixzz15znXsRY3
Disclosure: No positions