Thursday, 18 September 2014
Last updated 13 hours ago
Apr 29 2010 | 8:12pm ET
The creditors of Philadelphia’s two daily newspapers have won them in a bankruptcy auction, with an assist from a New York hedge fund.
The lenders, which include private equity firm Angelo Gordon & Co. and Credit Suisse Group, won the 30 hour auction with a $139 million bid. The offer was financed by hedge fund Alden Global Capital.
The winning bid topped offers from a group led by billionaire Ronald Perelman and another from Canadian investment firm Stern Partners. It must still be approved by a federal bankruptcy judge, with a hearing scheduled for May 25.
The Angelo Gordon-Alden Global group have pledged not to make wholesale job cuts at Philadelphia Newspapers, which owns the Philadelphia Inquirer, Philadelphia Daily News and Philly.com Web site. But what exactly that means is unclear: PNI’s new bosses say the company will continue to employ 2,500, but the company’s former CEO says it currently employs 4,500.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.