Friday, 24 April 2015
Last updated 5 hours ago
Oct 30 2008 | 11:59am ET
The latest Hollywood box-office bomb won’t be shown on the silver screen, but may appear as another red line in a hedge fund’s earnings statement.
Paramount Pictures’ Melrose I financing, back in large part by hedge funds, has been downgraded to junk by Moody’s Investor Service, according to Hollywood Reporter. The bonds have seen their ratings fall by six grades, from investment grade Baa2 to junk grade B3.
The ratings downgrade indicates that Moody’s think Melrose’s senior debt holders are in trouble, leaving hedge fund investors in serious danger of big losses.
Melrose I is backed by 26 Paramount films released between 2004 and 2005.
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…