hedge funds still holding onto the hard-to-sell junk(CBS MW)

...The really scary prospect for many hedgefunds, having sold off their most valuable and attractive assets, isholding onto the hard-to-sell junk that has been significantly devaluedamid the market swoon. That has many investors envisioning more painand waiting for more fallout from the financials, even as Capitol Hilland the Federal Reserve attempt belatedly to salve the market's wounds.

According to the hf-implode Web site, 13 other funds includingAustralian fund Basis Capital Fund Management and U.K.-based QueenswalkInvestment are facing significant declines in value...