Fun with hedge funds: Bear Stearns edition

Bear Stearns letter to investors in two of its hedge funds:
Let me take this opportunity to provide you with an update on the status of the High-Grade Structured Credit Strategies and High-Grade Structured Credit Strategies Enhanced Leveraged Funds managed by Bear Stearns Asset Management...
The preliminary estimates show there is effectively no value left for the investors in the Enhanced Leverage Fund and very little value left for the investors in the High-Grade Fund...
This is a difficult development for investors in these Funds...We will work to continue to provide you with the high quality products and services you have come to expect from Bear Stearns.