posted by MoChassid @ 10:38 PM
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4 Comments:
At 7:46 AM,
Still Wonderin' said…
The world over, bottom-feeder debt buyers who terrorize little old ladies for a few hundred dollars in credit card fees and medical bills are hanging MoChassid posters on their bedroom walls and planning a day of celebration in your honor.
Then again, it must have been weird going to shul this morning, knowing that just a day ago you were instrumental in preventing a half a trillion dollar industry from evaporating, and yet, no one looked at you any differently than they would any other day.
I guess it's all in a day's work.
Mazel tov!!
At 9:20 AM,
Anonymous said…
Hey MoChasid! In 100 words or less,c an you explain to the lay people out there what the impact of the decision means to the market, if at all?
At 10:42 AM,
MoChassid said…
SW: LOL
Look, if you're hedge fund manager, it's hard to live on $30MM a year. Someone has too look out for them.
anon:
here goes:
The bankruptcy court ruled that a claim (like a loan or a bond)against a bankrupt company (debtor) in the hands of an innocent purchaser could effectively be made worthless because it had once been held by a party that did something bad to the debtor. It didn't matter whether the buyer of that claim knew anything about the "bad acts" of the previous holder of the claim.
The district court reversed that decision and said that innocent purchasers of claims don't have to worry about the bad acts of previous holders. This makes trading "distressed claims" much more certain.
My firm had filed a "friend of the court" brief urging the reversal of the bankruptcy court's ruling.
crystal clear?
At 11:45 AM,
Anonymous said…
It's clear; crystal, I'm not sure. Do I know more than I did a few minutes ago? Yes!
Thanks!
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