Turnberry Capital Management - distressed debt

Reuters has reported that Turnberry Capital Management LP (Website turnberrycapital.net) will be liquidating assets and returning money to investors after Labor Day:

"We intend to take a series of steps to liquidate the Fund and redeem all Fund investors at the same pace," fund manager Jeff Dobbs wrote to his clients last week, telling them that most of his clients have said they want out of his portfolio.

Approximately 70 percent of the credit derivative book has already been liquidated, Dobbs said.

"After Labor Day, we will commence a sell-down of the Fund's security holdings in order to raise cash to fund redemptions," he added.

Turnberry Capital apparently was down some 20% for 2007 and as much as 26% for the first quarter of 2008.

Turnberry Capital's website describes the fund's strategy as:

Turnberry's objective is to achieve high absolute returns by investing in, principally, debt securities of companies that have liquidity problems due to loss of capital markets access. The best opportunities arise after a cataclysmic event in the capital markets or a specific industry. Turnberry's strength is identifying companies suffering liquidity problems, but that have the assets, cash flows and motivated managements which allow them to execute transactions ( renegotiation of debt, securities exchanges, asset sales or equity infusions) to solve liquidity problems. Turnberry's portfolio is diversified across 25-40 positions with an individual issuer limit of 15% and an industry limit of 20% of assets. Cash pay debt securities represent 50-80 % of the portfolio, defaulted debt securities 5-25%, and equity 0-20%.

If anyone has further details regarding Turnberry Capital's size (Peak funds under management), returns or could provide us with the letter Turnberry sent to investors, please let us know!