Saturday, 20 September 2014
Last updated 20 hours ago
Jul 1 2011 | 12:14pm ET
Highbridge Capital Management may have agreed to slash its commitment fee to become the savior-lender of the Los Angeles Dodgers, but the hedge fund is getting paid, nonetheless.
The JPMorgan Chase unit got its commitment fee upfront, rather than deferred, The Wall Street Journal reports. A source told the newspaper that the fee was about $5 million, more than the $4.5 million termination fee it agreed to cut to $250,000.
A spokesman for the Dodgers called the payment customary and said the team hadn't disclosed it because U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., didn't ask for details about its deal with Highbridge.
Gross this week approved the first $60 million of a proposed $150 million from Highbridge to allow the Dodgers to meet immediate payroll and other financial obligations. Major League Baseball has offered its own financing to the team, which it seized earlier this year.
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.