Tuesday, 21 October 2014
Last updated 8 hours ago
May 29 2008 | 2:00am ET
Hedge fund Appaloosa Management may have more than just a bankrupt auto parts maker to deal with.
Unsecured creditors of Delphi Corp. have asked a judge to allow them to intervene in Delphi’s $2.55 billion lawsuit against an investor group led by Appaloosa. Should the U.S. Bankruptcy Court in New York approve their request, the creditors would have the right to participate in discovery and any settlement talks.
Delphi’s lawsuit arose from the Appaloosa group’s decision to back out of a $2.55 billion financing deal for Delphi, which would have allowed the company to exit bankruptcy. Appaloosa alleges that Delphi violated several tenets of its agreement, while the company says the investors simply decided they no longer liked the deal.
“Because of the failure to provide the agreed-upon investment financing, distributions that should have been made to creditors pursuant to the plan have not been made,” the creditors’ committee said in the court papers, filed Tuesday. It explained that it must “protect vigorously the interests of its constituency,” and that creditors would have “directly benefited” from the Appaloosa deal.
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 ...