Globe And Mail – One of the biggest U.S. hedge funds is building a stake in the bonds of CanWest Global Communication Corp., fuelling speculation that the fight with Goldman Sachs over the future of CanWest’s lucrative specialty channels is about to get even hotter.

Angelo Gordon & Co., an $18-billion (U.S.) New York-based fund that specializes in distressed-debt plays, has been buying CanWest debt since it filed for creditor protection in October, according to sources involved in the Winnipeg-based company’s restructuring. A spokesperson for the fund declined to comment.

In hedge fund circles, there’s a sense that CanWest’s bonds could eventually be worth far more than they currently command – about 70 cents on the dollar – as the economy recovers and the parent company reworks ownership of CW Media Holdings, the unit that holds the 13 specialty channels, including Showcase and History Television.

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