Gordian Knot has put up a good fight, weathering blow after blow amid the financial crisis. Its SIV, however, has finally had to call it a day, thus becoming the last independent SIV to go into receivership.

The Sigma vehicle managed to survive the financial markets over the past year by initially unwinding and selling part of its portfolio, making repo agreements and removing market value triggers to prevent any further forced selling linked to market deterioration.

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