Thursday, 2 October 2014
Last updated 1 hour ago
Jul 16 2009 | 9:08am ET
Nine months after their assets got caught up in the Lehman Brothers bankruptcy, the hedge funds that used the Wall Street bank’s U.K. prime brokerage operations may have caught a glimpse of the light at the end of the tunnel.
PricewaterhouseCoopers, the administrator of Lehman Brothers International Europe, laid out a plan that could unfreeze some of the $11 billion from 700 funds still tied up as part of the Lehman bankruptcy. Under the proposal, the prime brokerage assets would be assigned their value as of Sept. 12, three days before Lehman collapsed, including money pledged to Lehman and then lent out. Before a packed courtroom in London, filled with about 50 lawyers representing hedge funds, among others, PwC asked for a hearing in October to approve the plan, which would be followed by a creditor vote.
If the creditors approve the plan, PwC said it could begin returning assets by the beginning of next year. If not, it could take another nine months to develop a new plan. The proposal needs 75% support to be approved.
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...