Home>Topics>>UPDATE 1-FCStone fights $15.6 mln ruling in Sentinel bankruptcy
UPDATE 1-FCStone fights $15.6 mln ruling in Sentinel bankruptcy
Reuters: Regulatory News
Fri, 18 Jan 2013
CHICAGO, Jan 18 (Reuters) - INTL FCStone said on Friday it will appeal a federal court ruling ordering it to return $15.6 million to the trustee overseeing the bankruptcy of Sentinel Management Group.
The Fairholme manager comments on the fund's significant investment in the convertible bonds and bank debt of bankrupt mall operator General Growth Properties.
A shorter, more orderly bankruptcy process is good news for distressed debt investors, but it does shift the game a little bit, says Third Avenue's Jeff Gary.