A change of course wasn't enough to right Severn River Capital Management's sinking ship, and now the Greenwich, Conn.-based hedge fund is headed for the scrap yard. After its two funds, Severn River Capital Fund and Severn River Capital Partners, lost 8% of their assets since launching in 2004, the hedge fund is in the process of returning what's left to investors. Last year, the firm attempted a reversal of fortune by switching from a multi-strategy approach to an event-driven one, but it apparently didn't help.

"We continue to focus on liquidating our positions and fund assets in a way that minimizes liquidation costs," Chief Operating Officer Eric Wood wrote in an e-mail to investors last week.

The shutting-down process, according to Bloomberg News, includes a plea to clients to help in the liquidation – by finding buyers for its apparently expensive phone systems.

In the e-mail to clients, Wood writes, "I'd like to reach out to you as investors to request help in liquidating these assets – if you are aware of anyone that may be interested in purchasing either or both systems, feel free to offer my name as a contact."

The phones, according to Wood, account for a "significant portion" of the firms' assets.