CNNMoney.com, 15 Nov 2008
SINGAPORE -(Dow Jones)- Morgan Stanley (MS) said S$26 million (US$17 million) of notes sold to around 700 retail investors in Singapore are now likely worthless amid a mandatory early redemption.
The notes, known as Pinnacle Notes Series 9 and 10, were subject to the redemption because credit events occurred in the underlying assets of the structured product, which included Lehman Brothers Holdings Inc. (LEHMQ), Fannie Mae (FNM), Freddie Mac (FRE) and two Iceland banks, the company said on its Web site Friday.
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