Tuesday, 21 October 2014
Last updated 3 hours ago
Jul 13 2011 | 10:53am ET
Major League Baseball is firing back at the Los Angeles Dodgers, accusing the team of improperly paying hedge fund Highbridge Capital Management a $5.25 million commitment fee for a $150 million loan that the league is opposing.
Baseball said in a filing this week that the fee was not properly disclosed. Baseball has asked a federal bankruptcy court in Delaware to reject the Dodgers' deal with Highbridge in favor of its own financing, which it says comes at a lower cost to the team.
The Dodgers and MLB have been bickering in the courts since the team filed for bankruptcy in June. That move followed baseball Commissioner Bud Selig's rejection of a 17-year television deal for the Dodgers worth $3 billion. Much of those proceeds were to go to settling owner Frank McCourt's divorce with former Dodgers CEO Jamie McCourt.
Filing its own discovery request after the Dodgers' was rejected last week, MLB said it was "critical" to see all documents related to the Highbridge deal.
The Dodgers, not surprisingly, have a different take on the matter.
"MLB has been fully aware of the fee and the guarantee since the hearing on the first day of the Chapter 11 process," when the first $60 million in Highbridge financing was approved, Dodgers spokeswoman Lyndsey Estin said. "This knowledge is furthermore reflected in MLB's opposition motion, which it filed on July 6."
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...