Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.
Tuesday, 6 December 2016
Last updated 16 hours ago
Oct 25 2013 | 11:30am ET
Elliott Management and King Street Capital Management can buy a £1.8 billion claim against Lehman Brothers' British business, in spite of protests from other hedge funds, a U.S. judge has ruled.
U.S. Bankruptcy Judge James Peck said that to allow the other hedge funds to interfere with a decision made by Lehman's reorganized board would "create a precedent that is unwise."
"Inquiring minds want to know, but so what?" Peck said.
Elliott and King Street have agreed to buy the claim for £650 million plus "future contingent sums." But other hedge funds, including Paulson & Co., Baupost Group and Cargill's CarVal Investors subsidiary questions why they were shut out of the process. CarVal, for its part, said that it would pay £900 million for the claim.
But Peck ruled that the rival funds had presented no evidence that anything was amiss.
"I have no factual basis to that there is anything about this transaction that is truly suspect," Peck said. "No facts have been presented, only suspicions."