Bruised egos and battered bank accounts were being nursed in London yesterday as one of the longest-running attempts to smash and grab a poor-performing investment trust appeared to have fallen flat on its face. On one side stands Regent Kingpin, the London-based fund management arm of Regent Pacific with a formidable reputation for raiding undervalued companies. Its newly created Regent Kingpin Chile Value Fund is being folded, before it even began trading. On the opposite side is LGT Asset Management, whose GT Chile Growth Fund was the target of a sustained attack by Regent, which was hoping to take over the fund, for its first major investment in Latin America. In the middle stands an unnamed non-UK institution which held shares in GT Chile and which, market sources confirm, is sheepishly admitting that it mistakenly ticked the wrong box when it was deciding what action to take on the Regent takeover bid. The options had been for institutions to either cash in their holdings in GT Chile, or choose between taking shares in a newly constructed LGT fund and taking shares in the Regent Kingpin Chile Value Fund. In July, shareholders representing US$262.5 million of the fund's assets opted for cash. Others representing $88.9 million assets went for the new LGT fund, and a small number ($18 million assets) chose the Regent fund. Unfortunately, it emerged that the largest shareholder in the Regent Kingpin fund did not want to be there and was now bailing out. As a result, all that is left are a group of cashed-up former investors in Chilean stocks, and the new LGT fund, called GT Chile Growth Fund Holdings, which began trading on the London Stock Exchange yesterday. In a further twist, it appears that in addition to Regent making an offer to repurchase the shares and warrants in the Regent Kingpin Chile Value Fund, GT Chile Growth Fund Holdings is to turn the tables and buy up the remnants of the Regent Kingpin fund. If by next month the formula asset value of the fund is between $4.5 million and $5 million, GT Chile will take it up. The ending is not only ironic; it is also embarrasing for Regent Kingpin.