Hedge funds Perry Capital LLC and Solus Alternative Asset Management LP are fighting over whether they had a contract when they agreed to trade $195 million of claims on Bernard Madoff’s bankrupt firm, amid rising prices on the claims.
Barclays Plc has won as much as $5.5 billion from the liquidator of Lehman Brothers Holdings Inc.’s brokerage since buying the defunct investment bank’s North American business more than three years ago.
Ally Financial Inc., the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.
Paulson & Co., the hedge fund that forced Lehman Brothers Holdings Inc. to sweeten payouts for senior bondholders, helped galvanize the bankrupt company into action after its managers and advisers pocketed more than $1.1 billion in fees in 28 months of bankruptcy.
Dewey & LeBoeuf LLP partners whose guaranteed contracts undermined the firm may get about a dime on the dollar for what they’re owed, no better than the janitors who cleaned their offices, bankruptcy specialists said.
Ally Financial Inc. contributed $750 million to cover legal claims on soured loans tied to its bankrupt mortgage unit, even though the firm calls them meritless, “to avoid the noise,” according to its leader.
BP Plc may saddle potential buyers of its assets with lawsuits as Europe’s second-biggest oil company tries to raise money to pay claims that may reach $100 billion from the Gulf of Mexico spill, lawyers said.