Danke für die interessante Info, it2012. Ich stell hier noch mal den vollständigen Text ein.
11 Aug 2011 2:11am
Hedge fund objects to Lehman deal
By Telis Demos and Dan McCrum in New York
Another hedge fund, Mason Capital, is set to file an objection to the settlement agreed in the Lehman Brothers bankruptcy, potentially adding additional pressure to scupper the plan to begin pay-outs to creditors by early next year.
The settlement, which was announced by Lehman and many of its largest creditors in June, including banks such as Goldman Sachs and hedge funds such as Paulson & Co, would see its $60bn in assets spread out among the some $325bn in claims against the estate.
But distressed debt hedge funds, such as Centerbridge Partners, have already filed court papers saying they would object to the settlement plan, arguing that it is too generous to “vocal objectors” and would end up “siphoning value away from other creditors”.
Mason, which is a creditor to Lehman Brothers Treasury, a Netherlands-based entity that sold structured notes to retail investors primarily in Europe, is set to file such papers, according to people familiar with the matter.
A spokesman for the fund would not confirm its plans. Lehman declined to comment on the potential objections.
Mason is a hedge fund specialising in distressed assets globally, and has offices in both New York and London.
The current settlement was already the subject of contentious negotiations and threatened litigation between bondholders such as Paulson, the California retirement fund Calpers, and Pimco, the world’s largest bond fund, which had lent to Lehman or acquired its bonds, and banks such as Goldman and Deutsche Bank which had been derivatives counterparties.
The compromise uses some of the funds that were guaranteed to creditors of subsidiaries such as the derivatives unit by the holding company to pay holding company creditors, the largest single creditor group.
The plan also shifted pay-outs away from creditors such as foreign affiliates. Some affiliates, such as Germany’s Bankhaus and Lehman’s Hong Kong unit, have agreed to settlements. Others, such as Lehman’s London-based European trading group, known as LBIE, have yet to support the plan.
US bankruptcy law says that within each class of creditors, more than 50 per cent of claimants, representing at least two-thirds of the total value of the claims, must approve the pay-out plan.
Lehman has previously said that negotiations with all creditors are ongoing, with the necessary level of participation achievable. It is not yet known if many groups which have not expressed specific complaints will also object.
The bankruptcy court has discretion to reject the plan before it is voted on if it finds the objections compelling. Judge James Peck of New York’s southern district has a hearing set for later this month.
http://ftalphaville.ft.com/blog/2011/08/10/649441/twisting-the-twist/ |
Thread abonnieren
