Hedge funds should stop panicking. It is true that some have been lumped in with banks on tough new European Union rules regulating pay. But there are a number of factors that should defuse the threat.
Managers have understandably looked askance at the new rules, which were passed by the European Parliament today. They feel that interfering with their pay is unjustified, given that the sector was not the prime driver of the financial crisis, and did not receive taxpayer bailouts.
WILMINGTON, Delaware (Reuters) – Holders of $1 billion of securities issued by a Washington Mutual Inc entity have sued to void an eve-of-bankruptcy exchange of their investment, according to a complaint filled with claims of fraud and secret agreements.
The dispute centers around an exchange of securities that were swapped into preferred stock just as regulators seized Washington Mutual Bank in September 2008, in the biggest bank failure in U.S. history.
, July 7 (Reuters) – Holders of $1 billion
of securities issued by a Washington Mutual Inc (WAMUQ.PK: Quote, Profile, Research, Stock Buzz)
entity have sued to void an eve-of-bankruptcy exchange of their
investment, according to a complaint filled with claims of
fraud and secret agreements.
The dispute centers around an exchange of securities that
were swapped into preferred stock just as regulators seized
Washington Mutual Bank in September 2008, the biggest bank
failure in U.S. history.
, July 6 (Reuters) – Fairfield Residential
LLC received court approval on Tuesday for its plan of
reorganization, clearing the way for Brookfield Asset
Management Inc to acquire assets of the developer of
Delaware’s Bankruptcy Court approved a plan in which
Brookfield (BAMa.TO: Quote, Profile, Research, Stock Buzz) will acquire the reorganized operations
for around $19 million, according to court documents. In
addition, Brookfield and Fairfield’s management will invest
just over $28 million to recapitalize the company, which builds
and manages apartment buildings and attached homes.
BANGALORE/DELAWARE (Reuters) – Medical Staffing Network Holdings Inc MSNW.PK, one of the largest providers of temporary healthcare staff in the United States, said it agreed to sell itself to its secured lenders for $84.1 million and filed for Chapter 11 protection in a Florida court.
The purchase price will be paid by the lenders credit bidding the amount of first lien debt due to them, the company said in a statement Tuesday.
WILMINGTON, Delaware (Reuters) – Truvo USA TRUVO.UL, the holding company for European directories publisher Truvo, filed for U.S. bankruptcy protection on Thursday with a plan to turn the company over to senior lenders, according to court documents.
The recent recession accelerated a shift among advertisers away from Truvo’s printed yellow-and-white-pages directories in Belgium, Ireland and Portugal to the Internet, it said.
NEW YORK (Reuters) – The chief executive of Smurfit Stone Container Corp, which emerged from bankruptcy on Wednesday, said the paper packaging maker is not looking to sell itself despite speculation that it has been positioning for a quick sale.
Patrick Moore, who announced plans in December to retire as CEO, told Reuters that the company had not received a buyout offer and was not soliciting any.
NEW YORK/WILMINGTON, Delaware (Reuters) – A U.S. judge handed AstraZeneca Plc a huge victory on Tuesday, finding that the patent on its multibillion-dollar cholesterol fighter Crestor is valid, sending the British drugmaker’s shares up 9 percent.
While industry observers widely believed AstraZeneca was likely to win the case, billions of dollars were at stake since more than 80 percent of a branded drug’s sales quickly evaporate when faced with generic competition.
, June 29 (Reuters) – Bayer AG (BAYGn.DE: Quote, Profile, Research, Stock Buzz)
withdrew one lawsuit against Israeli drugmaker Teva
Pharmaceutical Industries Ltd (TEVA.TA: Quote, Profile, Research, Stock Buzz)(TEVA.O: Quote, Profile, Research, Stock Buzz), which it
accused of infringing Bayer’s Yaz oral contraceptive drug, but
said it would continue to press its claims.
The German drugmaker said in a Monday filing in Delaware
District Court it was dropping its lawsuit, which also named
Teva subsidiary Barr Laboratories Inc as a defendant.
/NEW YORK, June 25 (Reuters) – One of the
world’s leading makers of shaving razors may file for
bankruptcy as soon as next week, with a plan to sell the
company to Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research), its primary lender,
according to sources close to the talks.
Privately-held Personna American Safety Razor Co, which was
founded in 1875 in Brooklyn, has given junior lenders and
creditors until the end of the month to come up with a better
offer for the company, according to two sources with direct
knowledge of the negotiations.