After the market learned in late July that Leopold Aschenbrenner's Situational Awareness hedge fund had blown up under too much Total Return Swap and option leverage (as we had warned a month earlier would happen), the next big question facing investors was: how long would Citadel keep the positions it bought from Leopold (at a huge market and transactional discount - recall Citadel only agreed to purchase the public book at a 10% discount off what was already a badly