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Breaking News: Ospraie Fund To Close

A wrong-way bet on energy and resources has claimed its latest casualty.

According to CNBC’s Charlie Gasparino, Ospraie fund has informed investors that it’s closing up shop and giving money back to investors. It was a $4 billion fund at the beginning at the year and it's lost 38% so far.

Ospraie Fund to Close

It’s a pretty big blow to Lehman which owns 20% of Ospraie, Gasparino says. Ospraie is part of the business that Lehman is thinking about selling off. It’s surely going to put a crimp into that.

After hours Lehman shares slid 5% on the news.

That might explains some of the excessive commodities selling, muses Karen Finerman. (Remember, that's what sent shares of energy names such as Arch Coal, Peabody Energy and Consol Energy all substantially lower.)

It wouldn’t surprise me if that's behind (Tuesday's big) sell-off, says Tesoro CEO Bruce Smith on Fast Money.

Is there a trade here?

Don’t be a hero, counsels Karen Finerman. I would not buy Lehman on the news.

Read More:

> Major Commodities Fund Closes, In Blow to Lehman

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Trader disclosure: On Aug 28, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (MSFT), (UUP); Macke Is Short (TM); Najarian Owns (ETFC); Najarian Owns (LEH) Put Spread, (LMT) Put Spread; Najarian Owns (SCHW) Call Spread, (LEH) Call Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (AAPL) And An (AAPL) Collar; Najarian Owns (XLF) And An (XLF) Collar; Adami Owns (C), (GS), (INTC), (AGU), (MSFT), (NUE), (BTU); Finerman Owns (GS); Finerman's Firm And Finerman Own (KALU); Finerman's Firm Owns (MSFT), (SUN), (VLO), (TSO); Finerman's Firm Is Short (BA); Finerman's Firm Owns (AAPL) Calls,  (JCG) Calls; Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (SPY), (IWM), (MDY)

Gartman Owns (SJT), (UNH), (QCOM), (TRLG), (CSCO), (AAPL), (SU), (PBR), (MCD), (SDS), Gartman Owns (ANDE) And Is Short (ADM); Gartman Is Short (TAP), (GS), (GRMN), (UYG), (GOOG), (POT)

CIBC Gartman Index Is Short Crude Oil And Is Long Natural Gas; CIBC Gartman Index Is Short Sugar; CIBC Gartman Index Is Long Grains

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