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Bloomberg – MBIA’s split of its bond- insurance business was challenged by hedge funds alleging the move hurts owners of about $240 billion of debt while benefiting stock investors, executives and some policyholders.
The reorganization, in which MBIA stripped $5.4 billion of assets and its U.S. municipal business from a unit that now mainly insures only structured-finance bonds, “represents the height of insidious greed,” the Aurelius Capital Management and Fir Tree Partners funds said in a lawsuit filed today.
Reuters – Hedge fund founder Ezra Merkin is being cooperative with New York state’s top legal officer in its investigation of three funds as part of the probe into accused swindler Bernard Madoff, officials said on Wednesday.
New York Attorney General Andrew Cuomo is seeking information from Merkin and his Gabriel Capital Corp, Ariel Fund Ltd and Ascot Partners funds, Cuomo’s office said last month.
All of the funds have been sued by nonprofits and individual investors who accuse them of investing with Madoff without their knowledge.
West Palm Beach (HedgeCo.net) – Some analysts are saying that the mighty New York Times might be headed down the same path as the bankrupt Tribune Company, owner of the Chicago Tribune and Los Angeles Times.
Hedge fund shareholders, Harbinger Capital Partners Funds and Firebrand Partners own 19% of the NYT Company, and the outlook does not look good. NYT is approximately $1 billion in debt, the result of its move to a new building on Eighth Avenue a couple of years ago.
Harbinger Capital Partners has grown to one of the 15 largest hedge funds, by assets, in America. Firebrand Partners is an operational activist firm that invests in publicly-traded companies whose brand equity represents significant upside relative to their market capitalization.
The NYT Company includes The New York Times, the International Herald Tribune, The Boston Globe and 15 other daily newspapers.
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