The fund had up to $9 billion under management and reports indicated their losses may have exceeded 65 percent of their investment.[4] Amaranth transferred its energy portfolio to a third party consisting of Citadel LLC and JPMorgan Chase.[5] On September 29, 2006, Amaranth's founder sent a letter to fund investors notifying them of the fund's suspension and on October 1, 2006, Amaranth hired the Fortress Investment Group to liquidate its assets