Spring 1999: Rumours concerning discrepancies surrounding Manhattan Investment Fund begin to appear.

January 12, 2000: Fund Administration Services (Bermuda) Ltd. and their attorneys have a telephone conversation with Manhattan Capital Management in which they said that the basis of the calculation of net asset value for the fund of $500 million was based on `misrepresentations'.

January 12: Fund Administration Services (Bermuda) Ltd. sent all investors in the fund a letter saying they felt compelled to terminate the administration agreement because of a material breach by Manhattan Capital Management.

January 14: Michael Berger sends out letter to investors admitting that actual net assets are substantially less than those previously reported.

January 15: Newspapers report the fund could have lost as much as $470 million.

January 16: Mr. Berger says in an interview with Hegenews.com his intentions were never malicious.

January 17: Bank Austria Sues Manhattan Investment fund over a $28 million investment.

January 17: Forbes magazine publishes an article which claims that Deloitte and Touche and Fund Administration Services got the figures they used to calculate the fund's assets directly from the fund manager.

January 24: Investors meet in Geneva to work out what legal action to take against Manhattan.

January 24-29: Writs related to Manhattan Investment Fund were issued in the Supreme Court in Bermuda by Absolute Alpha Fund PCC Ltd, Avis Fund Ltd, Richcourt Superplus Inc, BAS Equity Neutral Fund Ltd ($2 million), Eagle Ray Fund, ($470,000) and Kreditbank SA.

January 31-February 4: Writs were filed by Allen Essner, Jeffrey Stephens and John Wuenche, trustees of the Yorkshire Trust, Republic National Bank of New York (Suisse SA) ($992,000) and Flexor Multi Manager ($800,000).

February 4: Bermuda Registrar of Companies files a writ against Manhattan Investments Ltd in relation to the fund.

February 7: Michael William Rhode files a writ against Mr. Berger, Manhattan Investment Fund, Manhattan Capital Management Incorporated and Fund Administration Services (Bermuda) Ltd for $500,000 Compiled by Mairi Mallon