On December 2, an auction of the remaining assets of Sigma Finance Corporation (“Sigma”) took place, in which approximately US$2 billion of par-valued assets realized US$306 million.  Sigma’s receivers previously estimated that Sigma’s secured obligations were approximately US$6.2 billion. Little, if any, assets remain available to satisfy the majority of the secured creditors. As a result, although still subject to a possible appeal to the House of Lords (in which the House of Lords may decide to allocate the assets among the secured creditors on an alternative basis), it is likely that those liabilities which fell due for payment after October 23, 2008 will not be paid either in full or in part. It has also been reported that there is unlikely to be any surplus from the sale of collateral posted by Sigma to repo counterparties.  Sigma Regulatory Announcement.