Monday, 20 October 2014
Last updated 1 hour ago
Mar 14 2012 | 1:39pm ET
Hedge fund Monarch Alternative Capital has put the future of Dubai-based Drydocks World in doubt with a US$72 million-plus court victory in London.
The High Court of London has ordered the Dubai World unit to pay Monarch £45.5 million, as well as its legal costs. Monarch had accused Drydocks of defaulting on a loan.
The legal victory, trumpeted by Monarch, puts Drydock's debt restructuring on the rocks. The company is trying to restructure a US$2.2 billion loan facility, and just last week offered to repay creditors over five years.
Drydocks World Chairman Khamis Juma Buamim told Reuters that he "would very much hope that, notwithstanding their legal action, Monarch will accept the very reasonable restructuring proposal." But, he said, "the company is confident that it can still implement its restructuring if it transpires that Monarch do no accept the terms on offer."
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 ...