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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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