Despite White & Case’s Tom Lauria’s objection, those “Non-TARP Lenders” whose identities hadn’t already been disclosed are now public. You’ll recall that Lauria claimed the Obama administration had strongarmed his (former) client, Wasserman Perella Perella Weinberg, into kowtowing to a government-sponsored restructuring of Chrysler that would have paid them 30 cents on the dollar and crammed them down with junior lenders.
After the jump, we’ll list the clients and, more interestingly, Lauria’s continuing allegations against government strongarming.
According to a court filing, the group consists of nine funds listed under five different addresses. The named funds consisted of: the Schultze Master Fund, Arrow Distressed Securities Fund and Schultze Apex Master Fund of Purchase, N.Y.; Stairway Capital Management of Uniondale, N.Y.; Group G Partners and GGCP Sequoia of New York City; Oppenheimer’s Senior Floating Rate Fund and Master Loan Fund of New York City; and Foxhill Opportunity Master Fund of Princeton, N.J.
In total, the nine investors hold $295 million approximate aggregate holdings of Chrysler’s debt, which represents only about 5% of the $6 billion in claims against the auto maker, which is currently in bankruptcy protection.
According to Lauria, there were a number of other creditors who objected to the plan, but “the combined effect of the president directly chastising people for exercising their legal rights and for the court being unable to offer any protection has resulted in a number of people discontinuing affiliation with the group.”
Related posts:
{ 12 comments… read them below or add one }
Not Wasserman Perella (although you meant Wasserstein Perella, the now defunct i bank boutique) but Perella Weinberg…
Not Wasserman Perella (although you meant Wasserstein Perella, the now defunct i bank boutique) but Perella Weinberg…
In the end, Lauria is going to be one more guy that gets steamrolled – he should just shut his mouth and draft documents. After all, he is well known in the industry as a well card with a big mouth – not sure where his value add is for his clients right now with all this attention on the LAWYER and NOT the deal.
In the end, Lauria is going to be one more guy that gets steamrolled – he should just shut his mouth and draft documents. After all, he is well known in the industry as a well card with a big mouth – not sure where his value add is for his clients right now with all this attention on the LAWYER and NOT the deal.
"JohnQPubic" probably works in the Obama administration. The "value added" is either (1) the same value-added for any "impact" litigator: non-existent or adverse for the client, but good for society at large, or (2) in future leverage against TARP administrators.
"JohnQPubic" probably works in the Obama administration. The "value added" is either (1) the same value-added for any "impact" litigator: non-existent or adverse for the client, but good for society at large, or (2) in future leverage against TARP administrators.
Wait, let me get this straight Jane @3, are you saying he the value add of an impact litigator like Lauria is ZERO but good for society at large – how is a litigator who takes a stand/position that his clients publicly disclaim/disavow in major media forums good for society at large? Look, I may or may not work in the Obama administration, but you should stick to your job in the copy room at FedEx/Kinkos before playing in the field of "impact" litigators.
What the Obama Administration has done is borderline mafia tactics. If a Republican president had publicly denounced a company trying to assert their contractual and constitutional rights, the media would have eaten them alive. Obama lied outright when he said the "hedge funds" were waiting for a taxpayer bailout. JohnQ is just another Obamafied, liberal lawyer; someone who will never create a company, innovate an industry or provide meaningful jobs for anyone save more lawyers. Most lawyers are a tax on society, which is why the overwhelmingly vote Democrat, along with the other least productive segments of the economy.
Wait, let me get this straight Jane @3, are you saying he the value add of an impact litigator like Lauria is ZERO but good for society at large – how is a litigator who takes a stand/position that his clients publicly disclaim/disavow in major media forums good for society at large? Look, I may or may not work in the Obama administration, but you should stick to your job in the copy room at FedEx/Kinkos before playing in the field of "impact" litigators.
What the Obama Administration has done is borderline mafia tactics. If a Republican president had publicly denounced a company trying to assert their contractual and constitutional rights, the media would have eaten them alive. Obama lied outright when he said the "hedge funds" were waiting for a taxpayer bailout. JohnQ is just another Obamafied, liberal lawyer; someone who will never create a company, innovate an industry or provide meaningful jobs for anyone save more lawyers. Most lawyers are a tax on society, which is why the overwhelmingly vote Democrat, along with the other least productive segments of the economy.
Lauria is just making noise since W&C has no other work and they are trying to keep W&C afloat on the basis of this high profile engagement. Once it fades away (hopefully today when the Supreme Court finally throws out Lauria's objection), W&C will collapse.
Lauria is just making noise since W&C has no other work and they are trying to keep W&C afloat on the basis of this high profile engagement. Once it fades away (hopefully today when the Supreme Court finally throws out Lauria's objection), W&C will collapse.