Just off the Dow Jones newswire (no link available):

Credit markets braced Tuesday afternoon for an expected disclosure of valuations later in the afternoon from two Bear Stearns Cos. (BSC) hedge funds that nearly collapsed in June. Investors in the two funds, which invested heavily in complex collateralized debt obligations with exposure to the subprime mortgage market, are expected to recover a minimal amount, if anything at all, of their stakes, according to market participants. A conference call for investors is scheduled for 4 p.m., these participants said. Bear spokeswoman Monica Orbe declined to comment. “At first the call was suppose to be yesterday, now they are saying late today” after the market closes, said portfolio manager Sid Bakst from Robeco Weiss Peck & Greer, who is familiar with the situation. “That’s the shoe to drop that everyone is waiting for. The announcement about Bears NAV (net asset value) are what people are waiting to hear.”

Continued drops for most of the ABX indices today suggests that investors are certainly wary of more than a shoe dropping. Will this be the disclosure that spurs a selling frenzy?