Jeff Altman’s Flagship Fund Jumps 21% on Distressed Bets

(Bloomberg) When Toys “R” Us caught credit traders off guard with its sudden plunge into bankruptcy, Jeff Altman locked in gains from the unraveling after betting against the retailer by stacking up credit-default swaps. It was one of a handful of timely bets on out-of-favor companies that powered Altman’s Owl Creek Asset Management to big returns in 2017, according to people with knowledge of the matter.

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