Wednesday, 1 October 2014
Last updated 10 hours ago
Aug 19 2014 | 6:32am ET
Hedge funds and other unsecured creditors of Lehman Brothers are set to split more than $4.6 billion, the bankrupt firm’s liquidator said Friday.
The allocation is the first to the collapsed bank’s unsecured creditors and represents about 17% of the value of claims filed with the trustee, James Giddens. But Giddens said it was still a “milestone” that marked a much better outcome than he expected when he was appointed six years ago.
“That such a distribution is even possible represents an extraordinary achievement that was far from certain when the liquidation began,” he said. “We expect additional distributions to unsecured general creditors while maintaining appropriate reserves and protecting claimants’ interests and due process rights.”
Giddens has approved $3.47 billion in claims to the money, with distributions to begin on Sept. 10. The remaining $1.15 billion will be held for unresolved claims.
Giddens has already returned more than $105 billion to former Lehman customers, repaying them in full. Another $240 million will fully repay more senior creditors of the bank, which collapsed in 2008 amidst the credit crisis.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...