Tuesday, 30 September 2014
Last updated 2 hours ago
May 24 2013 | 10:39am ET
Ally Financial has reached a deal with Paulson & Co. and other creditors of its bankrupt subprime mortgage business.
Ally, the former General Motors Acceptance Corp., will pay $2.1 billion to settle allegations by the creditors that it stripped its Residential Capital unit of assets before putting it into bankruptcy protection. The offer is three times what Ally originally proposed to pay the creditors, and seeks to ensure that ResCap can emerge from bankruptcy without further legal headaches for Ally.
"Reaching this comprehensive agreement enables Ally to turn the page on a tumultuous chapter in its history that was severely impacted by the issues in the mortgage industry," Ally CEO Michael Carpenter said.
The deal must still be approved by a court, and while ResCap's hedge fund creditors and others are behind it, some, including Berkshire Hathaway, are not. Berkshire has asked that a report on the alleged asset-stripping be unsealed so that creditors could judge the fairness of yesterday's 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…
The trading world is inundated with strategies and techniques. Here’s one way traders can get a handle on information overload.