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Court Takes Over Three Heartland Funds Troubled muni-bond funds put into receivership at request of SEC.(B)
By Paul Katzeff
Investor's Business Daily
In a rare action, a U.S. district court in Chicago has put Heartland Group'sthree troubled high-yield municipal bond funds into receivership.
The court also froze assets of the Milwaukee-based funds.
One of the receiver's goals is to determine the value of the funds' assets, says Tim Warren, associate regional director of the Securities and Exchange Commission's Midwest regional office. That will let the receiver know at what price shareholders can redeem shares. This process is crucial to shareholders who want to know what their shares are worth.
Even nonshareholders should be interested in the outcome. Receivership, while uncommon, is a last-resort form of rescue for some ailing funds.
The U.S. District Court for the Northern District of Illinois in Chicago acted on March 21, when the SEC sued Heartland.
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