Bloomberg – Ellington Financial LLC, run by Michael Vranos’s $2.5 billion hedge-fund firm, shelved its initial public offering as investors refused to finance its plan to buy bonds backed by the type of home loans that helped spur the biggest housing bust since the Great Depression.
Old Greenwich, Connecticut-based Ellington Financial and two funds controlled by Vranos pulled their $208 million sale yesterday after underwriters including Credit Suisse Group AG of Zurich and Frankfurt-based Deutsche Bank AG failed to drum up enough interest in the 7.7 million-share offering at $25 to $27 each, according to Bloomberg data and a prospectus filed with the U.S. Securities and Exchange Commission.
