Wednesday, 3 September 2014
Last updated 12 hours ago
Nov 2 2011 | 9:07am ET
A federal bankruptcy court judge has rejected not one, but two bankruptcy exit plans for Tribune Co., including one championed by a hedge fund.
U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., savaged the plans, calling them examples of "an inescapable facet of human character: the willingness to visit harm upon others, even at one's own peril." But Carey was especially critical of the plan backed by Aurelius Capital Management, approving the skeleton of JPMorgan Chase's competing plan and saying the hedge fund's proposal "unfairly discriminates."
But he warned both sides that he'd appoint a trustee to run Tribune unless the company can "promptly find an exit door" from Chapter 11 bankruptcy protection.
That's not likely to make any of the hedge funds, including Oaktree Capital Management and Angelo Gordon & Co., happy: Under both plans, they and other senior lenders were to become the majority owners of Tribune, which publishes eight newspapers, including the Chicago Tribune and Los Angeles Times, and 23 television stations, including outlets in New York, Chicago and Los Angeles.
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…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...