A Friendly Judge

Lawyers appointed by the government

Humpty Dumpty in Bankruptcy

The government appoints a receiver for assets

Falcone Harbinger Deal Below Market Price

Chidem Kurdas

Funds controlled by Philip Falcone

Distressed Rally

Chidem Kurdas

You buy the debt of a bankrupt business

MF Global Debt Dents Funds

Despite the $1 billion or more that is still missing from their accounts, MF Global brokerage clients are more likely to get their money compared to another group of creditors

Margin Focus in OTC Default Risk

Chidem Kurdas

When Lehman Brothers collapsed in 2008, LCH.Clearnet took over huge derivatives  positions from the bankrupt bank. The clearing house successfully managed this and four other defaults, says Isabella Kurek-Smith, director and head of energy and freight markets at LCH.Clearnet. The experience demonstrated how important it is to require adequate initial margin—though some derivatives traders complain

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Madoff Litigation Victims: The Citibank Case

Chidem Kurdas

There is one key interested party that is missing from the case filed against Citibank by Irving Picard, the government-appointed trustee of the Madoff estate. I went through the136-page complaint and nowhere did I see mentioned this group—hundreds of thousands of hidden and mostly nameless victims of the lawsuit. To declare a personal interest, I’m probably among them.