http://www.sec.gov/Archives/edgar/data/1031661/000093041315004707/c83245_497.htm497 1 c83245_497.htm
Third Avenue Focused Credit Fund
Supplement dated December 10, 2015
to Prospectus dated March 1, 2015
Effective December 9, 2015, the following information supplements the Funds’ Prospectus dated March 1, 2015:
At the recommendation of Third Avenue Management LLC, the investment adviser to the Third Avenue Focused Credit Fund (the “Fund”), the Fund’s Board of Trustees approved a Plan of Liquidation for the Fund effective December 9, 2015. The Prospectus is revised to delete in their entirety all references to the Fund.
Comments
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/24729/third-avenue-to-liquidate-junk-bond-fund-that-bet-big-on-illiquid-assets#latest
That process may take, they report, a year or more to complete.
FYI,
David
We might have more opportunities ahead !
House committee approves easing accredited-investor standard
Measure with bipartisan support would expand the kind of investors who can purchase unregistered securities
By Mark Schoeff Jr. | December 9, 2015 - 10:58 am EST
"We're trying to expand opportunities for Americans to participate in taking a risk but also engaging in the benefits of the upside using their knowledge, not only just a threshold that says you get to invest just because you have wealth," Mr. Schweikert said during debate on the bill Tuesday night.
As the committee advances the legislation, the SEC has indicated it will soon release a review of the accredited-investor standard.
Republicans have pushed to expand the accredited-investor parameters, asserting that doing so would help small business start-ups and other emerging investments raise capital.
http://www.investmentnews.com/article/20151209/FREE/151209918/house-committee-approves-easing-accredited-investor-standard?template=printart
The House... always the damned House. What a collection of morons.
Derf
As in ,"but where are the customers yacht's ? "
The title derives from the naive comment of a New York tourist who, when shown the East River was told "there are the great Wall Street brokers Yachts".
https://books.google.com/books/about/Where_are_the_Customers_Yachts_Or_A_Good.html?id=99zVAAAAIAAJ&hl=en
This is why I feel that the whole concept of accredited investor is fatally flawed. Investors are accredited so that a company can sell stock to them without having to go the nuisance of filing disclosures. Who cares if the investor is being taken for a ride? Caveat emptor. The investor's rich - so surely he can watch out for himself, ask all the right questions to get at the information that would have been disclosed anyway?
This legislation seems like a reasonable step toward qualifying investors, rather than using wealth/income as a proxy. But it also strikes me as grandstanding. The SEC is already required to revisit accredited investor requirements every four years (Dodd Frank). It was in the process of doing so, with better insight. There was not a need for this blunt legislation.
Here's a nice summary of where the SEC was a few months ago, including some of the nuances of various proposals.
http://media.mcguirewoods.com/publications/2015/SEC-Considers-Updating-the-Accredited-Investor-Definition.pdf?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original
Too bad about the Third Avenue fund. I've had it on my watch list for some time and started watching it very closely this past Spring. Thomas LaPointe managed one of the first MFs I owned in the 1990s, the Columbia Conservative HY Fund, and managed it well, so I was hoping for success with this original idea for his sake. I think this fund was attacked by hedge fund shorting (I suspect iHeartCommunications, among others?). Although I thought he should have started lightening up on the distressed asset plays at the beginning of 2015, the present environment isn't exactly what one would consider The Perfect Storm--- something beyond his control had to have come along and pushed things over the edge, something that caused institutional money to bail on him in a big way.
See Ted's post for a more extensive update to the WSJ story as it was first released. It's pretty good.
For those invested in TFCVX (from the Third Avenue website):