Wed, Jun 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Distressed debt funds look at Detroit, Miami for opportunities

Wednesday, July 24, 2013

Bailey McCann, Opalesque New York:

Detroit, Michigan is 312 years old. A quick scan of birthday etiquette rules on what to get for such an age won’t yield much, but I’m betting Emily Post wouldn’t have recommended bankruptcy. Yet, that’s exactly what the city will be getting for its birthday this year. Detroit made history when it filed for the largest municipal bankruptcy so far, at the tail end of last week, and that filing was only the opening volley in what will likely be a long protracted battle for the future of the Motor City.

This morning, the first bankruptcy related court hearing is set to start at 10 a.m. Judge Steven Rhodes will hear arguments on lawsuits that were filed against the city before the bankruptcy claim was filed and whether those cases can move forward. Basically what’s happening is this – under Chapter 9 bankruptcy – the type of bankruptcy filed by emergency manager Kevyn Orr, the city may be eligible for a stay on pending litigation, forcing those plaintiffs to fight it out in bankruptcy court. However, the courts have to allow the bankruptcy to move forward, first.

That hearing won’t come up for a few weeks, but today’s arguments are part of a broader issue – whether Detroit can file at all. Currently, there are federal and state objections to the filing, and pensioners who are expected to take some of the biggest haircuts in any deal, are arguing that the filing violates the state constitution.

"I think it is too soon to......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  2. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s

  3. Manager Profile - A 26-year old hedge fund manager called Brexit — here's what he thinks about the historic vote[more]

    From Businessinsider.com: Taylor Mann is not your typical fund manager. The twenty-six year old Texas A&M graduate manages Pine Capital in Larue, Texas (population 160), where he resides with his three-year old daughter. Also atypical compared with many of the largest funds out there, Mann makes

  4. People - Mariner Investment’s co-CIO Williams to leave $5.5bn firm, IOOF hires new alternatives portfolio manager[more]

    Mariner Investment’s co-CIO Williams to leave $5.5bn firm From Bloomberg.com: Basil Williams, co-chief investment officer of Mariner Investment Group, is leaving the $5.5 billion hedge-fund firm after negotiations to renew his contract failed. Williams will stay in his role until t

  5. Hedge Fund Due Diligence Exchange offers complete due diligence reports at $1500[more]

    Matthias Knab, Opalesque: HFDDX is offering complete alternative investment due diligence reports at $1500 US. Industry professionals can simply go to www.hfddx.com and indicate their interest in sponsoring one or more DD Reports for $1500 each.