December 17, 2015 / 2:53 PM / 2 years ago

Third Avenue says fund seized up before collapse amid redemption flood

BOSTON, Dec 17 (Reuters) - Third Avenue's Focused Credit Fund built up a $200 million cash position in the days before its collapse, but that was not enough to meet redemptions as the fund could not sell even its most liquid assets at rational prices.

The fund, which shut down earlier this month, said it was hit with an "extraordinary level" of redemption requests, according to a Wednesday filing with the U.S. Securities and Exchange Commission.

Reporting By Tim McLaughlin; Editing by Chizu Nomiyama

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