Friday, 27 November 2015
Last updated 1 day ago
Jun 29 2011 | 11:02am ET
Lehman Brothers has finally won accord between two warring groups of creditors, one led by hedge fund Paulson & Co., for its $65 billion liquidation plan.
The bankrupt bank, which collapsed three years ago, announced that it would seek approval of its disclosure statement on the deal on Aug. 30, before sending the plan to creditors for approval. The deal ends the battle between Lehman's bondholders, led by Paulson and the California Public Employees' Retirement System, and its derivatives creditors, led by 13 banks who served as Lehman's largest counterparties.
Under the agreement "in principle," senior bondholders would get 21.1 cents on the dollar, with derivates claims getting between 27.9 cents and 32 cents. Unsecured claims would receive 19.9 cents. Bondholders would have gotten 25.4 cents under Paulson's rival plan, and just 16 cents under the Goldman Sachs-Morgan Stanley proposal, which would pay counterparties up to 40 cents on the dollar.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…