Tuesday, 2 September 2014
Last updated 3 days ago
Dec 1 2008 | 2:05am ET
Just days before announcing that it would liquidate a fixed-income hedge fund, Parkcentral Capital Management defaulted on a margin call, according to a lawsuit filed by JPMorgan Chase.
The bank accused the Plano, Texas-based firm, which primarily manages money for the family of former U.S. presidential candidate H. Ross Perot, of defaulting on a Nov. 20 demand that it provide $125 million in eligible credit support as collateral on derivative contracts. It says it is owed as much as $753 million in collateral based on an early-termination agreement.
JPMorgan claims it hand-delivered three notices of default to Parkcentral. The lawsuit was filed in New York state court.
“By failing to perform its obligations under the master agreement, including its obligation to pay to JPMorgan the amount owing under the master agreement, Parkcentral has materially breached” that agreement,” JPMorgan alleges in the Nov. 26 suit.
Last week, Parkcentral told investors it was liquidating its six-year-old Parkcentral Global Hub Fund to pay off creditors. The $1.5 billion fund, which is down as much as 40% this year, is “no longer viable,” the firm said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...