Baupost Group, Paulson & Co. and Cargill’s hedge fund unit think it’s awfully fishy that the corpse of Lehman Brothers is so eager to sell almost $3 billion in bankruptcy claims to Elliott Management and King Street Capital Management for a little over $1 billion. Especially since CarVal would like to pay almost $1.5 billion for the same claim.
U.S. Bankruptcy Judge James Peck thinks it’s all a little strange, too. But, to use the parlance of our times, tough shit. Read more »