Can't Pay Won't Pay

Ruh-roh.

Dec. 28 (Bloomberg) -- Drake Management LLC suspended most redemptions from its largest hedge fund after losing 23.7 percent through November, according to a letter sent to investors of the New York-based firm.

Drake will meet about 25 percent of requested withdrawals from its $3 billion Global Opportunities Fund, which tries to profit from macroeconomic trends by trading bonds, stocks, currencies and commodities. The letter didn't disclose how much investors had asked to withdraw at the end of the year.

``This decision was made only after we attempted to convince redeeming investors to voluntarily rescind their redemption requests,'' said the letter, signed by Drake Management and sent out today.