Tuesday, 23 September 2014
Last updated 1 hour ago
Jan 19 2011 | 4:59am ET
A lawyer for Paulson & Co. and other Lehman Brothers creditors dismissed the bankrupt investment bank’s plan to exit bankruptcy as Lehman prepares to lay out its plan to do just that.
“The debtors have a ‘hope’ plan which is based upon the hope that creditors accept what the debtors propose,” Christopher Shore told U.S. Bankruptcy Court Judge James Peck last week. But that “hope” is almost certain to be dashed, because the Lehman estate “has no creditor support.”
Lehman has “not used any of the past two years to facilitate inter-creditor negotiations that are going to be essential to moving this process forward,” Shore said.
“From a plan process standpoint then, very little, if any, real progress has been made towards exit,” Shore added.
Shore’s clients, who also include hedge fund Fir Tree Partners and the California Public Employees’ Retirement System, filed a rival bankruptcy plan last month. Paulson and its fellow unsecured creditors claim that plan would more equitably divide the $57.5 billion Lehman has left, offering more money to the unsecured creditors.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.