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Sentinel Management Group requested to the US Commodity Futures Trading Commission to stop all withdrawals from the Sentinel funds.
However, the Sentinel Management Group request has been denied by the Commission as it said it lacked the authority to stop trading in the Sentinel money market.
The Sentinel Management Group placed this request due to significant increases in trading out of Sentinel funds and the Sentinel money market.
The Sentinel U.S. Treasury Money fund, an unrelated $60 million money-market fund based in Montpelier, Vt., was flooded with calls from reporters and customers when news of the troubled Illinois money management firm broke Tuesday morning. "It was an hour of pretty frantic response," says fund spokesman Chris Graff.
Problems in the subprime mortgage market continued to wreak havoc on small lenders, however:
â€¢Luminent, a San Francisco mortgage real estate investment trust, said Monday that eight of its lenders have declared the company in default and demanded repayment of $1.6 billion.
â€¢Aegis Mortgage, a Houston-based lender, filed for Chapter 11 bankruptcy protection on Monday.
â€¢American Home Mortgage Investment, an Irving, Texas mortgage real estate investment trust, filed for Chapter 11 bankruptcy protection on Aug. 6.
â€¢HomeBanc, an Atlanta mortgage lender, filed for Chapter 11 bankruptcy protection on Aug. 10.Analysts downgraded Thornburg Mortgage, a Santa Fe lender, which said Tuesday that it will delay payment of its dividend to Sept. 17 from Wednesday