Hurricane Iris (1995) the northwest, the hurricane moved over Montserrat, causing additional problems on the island just weeks after the Soufrière Hills volcano began erupting. Officials on the island closed the primary airport due to the storm, which prevented residents from evacuating from the island from the volcano threat. Further north, Iris dropped of rain on Antigua, which destroyed banana trees and caused flooding in low-lying areas. Due to uncertainties in Iris' track, the government of Bermuda issued a tropical storm watch on September 1. This was downgraded on September 3 after the hurricane bypassed the island. Later, after Iris became extratropical, the
Long-Term Capital Management on more traditional investment vehicles, such as mutual funds, as established by the Investment Company Act of 1940—funds which accepted stakes from 100 or fewer individuals with more than $1 million in net worth each were exempt from most of the regulations that bound other investment companies. In late 1993, Meriwether approached several "high-net-worth individuals" in an effort to secure start-up capital for Long-Term Capital Management. With the help of Merrill Lynch, LTCM secured hundreds of millions of dollars from business owners, celebrities and even private university endowments and later the Italian central bank. The bulk of the money, however,