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12.10.26 - 05:27
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3 Cents On The Dollar: Hedge Funds Gorge On LA Fire Claims As Sacramento′s Crackdown Goes Up In Smoke (ZeroHedge)
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3 Cents On The Dollar: Hedge Funds Gorge On LA Fire Claims As Sacramento's Crackdown Goes Up In Smoke
Nearly two years after the Eaton and Palisades fires torched an estimated $40 billion in insured property, nobody has figured out who ultimately pays. Wall Street has decided that's the perfect time to buy.
Hedge funds are stepping up purchases of subrogation claims tied to the January 2025 Los Angeles fires now that the political push to curb the trade has stalled, Bloomberg reports. Prices range from as little as 3 cents on the dollar to around 60 cents.
Bradley Max of broker Cherokee Acquisition, who last year described a "chill" in the market, says the mood has flipped: "There's plenty of appetite for buyers and sellers." Per Cherokee, Eaton claims are trading at 55-60 cents while Palisades claims fetch just 3-5 cents. The firm recently bought roughly $100 million of Palisades-related claims for under a dime on the dollar. Funds are targeting returns in the low-to-...
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03.10.26 - 14:48
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Turkey′s Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back (ZeroHedge)
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Turkey's Fix For Its $20 Billion Hedge Fund Meltdown: Kindly Ask The Winners To Give The Money Back
Two weeks after a cluster of Istanbul asset managers stopped honoring redemptions, triggering a market-wide circuit breaker and the liquidation of 131 funds held by some 455,758 Turkish retail investors, Ankara has unveiled its plan to make everyone whole. Or at least, to make everyone a little bit less un-whole.
As Bloomberg reports, Turkey will start payments to investors caught in the fund crisis. The Capital Markets Board (SPK) approved interim payments of up to 1 million lira (about $20,400) per eligible investor in funds run by Tera, Pusula, Atlas and Hedef, calculated on each investor's "net investment" as determined by the Central Securities Depository (MKK). Below a million lira, you get your money back; above it, you get a million and a place in the queue. Money market funds get paid first, the rest in descending order of investor count, with A1 Capital, Bulls and Pardus fu...
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