Assets that LTCM was believed to hold in large quantity became impossible to sell. [fact]

    Assets that LTCM was believed to hold in large quantity became impossible to sell. [fact]
  

Assets that LTCM was believed to hold in large quantity became impossible to sell at anything other than "fire sale" prices. Beliefs about LTCM's portfolio were sometimes incorrect or exaggerated: after the crisis, LTCM was approached with an offer to buy six times the position it actually held in Danish mortgage-backed securities (Meriwether interview). Nevertheless, presumptions about its positions were accurate enough to worsen its situation considerably, and as September went on, and LTCM had to divulge more information to its counterparties, those presumptions became more accurate.
Donald MacKenzie, An Engine, Not a Camera, loc. 1061