Apparently, the Blackstone Group has put together a plan to bail out the Bear Stearns High Grade Structured Credit Strategies Enhanced Leveraged Fund. There have been few details leaked to the media other than that Blackstone and Bear Stearns officials are set to make a presentation today to top creditors. The plans will likely entail some sort of cash infusion and agreements to stop the margin calls. Creditors are antsy to say the least. But Merrill Lynch, Citigroup, and JPMorgan are at least willing to listen. Recall that Bank of America set things in motion when it demanded either a redemption or hundreds of millions of dollars put up for collateral. All this after word of the fund's 25 percent or so losses leaked to investors and creditors. This will be one pressure-packed meeting. Stay tuned.

For more:
- here's a New York Post article
- more on recent legislation affecting the Blackstone IPO. Video