Saturday, 25 April 2015
Last updated 19 hours ago
Sep 23 2008 | 10:58am ET
Undeterred by the failure of three other hedge funds in a similar action, GLG Partners is seeking to block the sale of Lehman Brothers Holdings’ North American investment banking operations until it gets its money back.
Specifically, the London-based, New York-listed hedge fund has objected to the sale of Lehman’s U.S. broker-dealer assets to Barclays, as it tries to recover funds it is owed as a creditor of the bankrupt investment bank. GLG is demanding the return of the “full amount” of cash transferred from Lehman’s European subsidiary in an effort to shore up the parent firm’s liquidity prior to its bankruptcy filing on Monday. On Friday, a bankruptcy court judge in New York rejected the bids of Harbinger Capital Partners, Bay Harbour Management and Amber Capital to block the sale after they complained about the same transfer of funds.
GLG, which filed its motion in U.S. Bankruptcy Court on Friday, says it does not “in principle oppose the sale of Lehman’s broker-dealer assets held by Lehman Brothers Holdings to Barclays,” but said it feared the cash “may have been improperly taken” by Lehman’s U.S. headquarters. The hedge fund is supporting a motion filed by Lehman administrator PricewaterhouseCooopers designed to ensure that Lehman’s European subsidiary can recover the transferred funds.
Last week, GLG assured investors and clients in a press release that it transferred most of its assets from Lehman to other firms, and that “the residual exposure of the GLG Funds to Lehman will not be material.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…