Excerpts: Tribune Lenders Sue JPMorgan Claiming Buyout Was Fraud When they pushed to close the two-stage transaction, the banks knew the $3.7 billion in financing “was tainted with fraud and other misconduct,” the lenders, who include hedge funds and investors who specialize in distressed debt, said in a complaint filed today in New York state […]
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Barclays Capital: European Credit Alpha Strategic Market View: There and back again. Driven by mixed signals from the economic and political front credit spreads see-sawed this week before finally ending up where they started. Risk aversion remains, but largely driven by macroeconomic uncertainties, while strong corporate fundamentals should provide spreads with a buffer if future
Selected Excerpts: Distressed debt investing has been recognized as a distinct investment style for over the last two decades. Over that period, returns have outperformed most traditional asset classes with lower volatility, with the HFR distressed index providing 12.7% annualized returns vs. 8.0% for the S&P 500. In this report we begin by outlining the
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Excerpts: John D. Langlois Jr. ’64 *74 Jack Langlois died Aug. 19, 2010, after a lengthy battle with gallbladder cancer. He was truly a Princetonian in the world’s service. In 1982, he transitioned from academia to join Morgan Guaranty Trust. With his knowledge of Asian culture and languages, he rapidly became one of America’s preeminent
Excerpt: Morgan Stanley Property Fund Faces $5.4 Billion Loss Morgan Stanley has told investors in its $8.8 billion real-estate fund that it may lose nearly two-thirds of its money from bum property investments, according to fund documents reviewed by The Wall Street Journal. That would likely make it the biggest dollar loss—$5.4 billion—in the history
Excerpts: Morgan Stanley Property Fund Faces $5.4 Billion Loss Morgan Stanley has told investors in its $8.8 billion real-estate fund that it may lose nearly two-thirds of its money from bum property investments, according to fund documents reviewed by The Wall Street Journal. That would likely make it the biggest dollar loss–$5.4 billion–in the history
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Excerpt: GT Group Telecom’s Form F-1. Leo J. Hindery, Jr. Mr. Hindery has been a director since March 23, 2000. Mr. Hindery is currently chairman and chief executive officer of GlobalCenter Inc., the Internet commerce services subsidiary of Global Crossing (from March 2000 until October 2000, he was also, on an interim basis, chief executive
Excerpts: The Real ‘Norma Rae’ Died Yesterday Her actions helped to bring a union contract to employees at a J.P. Stevens textile plant in Roanoke Rapids, NC, and she gained national fame as a symbol of women’s and laborers’ right after her efforts (and jailing) were fictionalized in the movie. J.P. Stevens management ultimately signed
Excerpts: Foreign Private Equity Investors in China That competition ranges from small PE firms and funds like Hopu, founded by Goldman Sachs China financial wizard Fang Fenglei, which just invested around US$800 million (of the US$2.5 billion it raised from overseas investors) in dairy giant Mengniu and is also planning to raise a domestic PE
Excerpts: Media Dinosaurs Look To Set Up iTunes For News Stephen Brill, L. Gordon Crovitz and Leo Hindery Jr. have teamed up to create a system to charge for news, with the idea that any newspaper can sign up and use their system. Clay Shirky calls this an RIAA for news, while Mathew Ingram points
