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Zitat jackfburns:
More from Melwani:
1 A. I mean, there were other reasons. The -- one of the
2 largest reasons is we just put -- we just raised a two billion
3 dollar fund, which we needed to try and get up to parity.
4 Q. And you chose to invest none of that in peers, correct?
5 A. Well, we were selling peers in the main fund.
6 Q. You chose to invest none of that in trust preferred
7 securities, correct?
8 A. Yes.
9 Q. And you chose to invest a hundred million face at least of
10 at least -- from some of your three funds in the senior notes,
11 in the senior sub notes in these two months, correct, sir?
12 A. Yes.
13 Q. Okay. And during those two months, that was also the
14 period when Centerbridge was engaging in the settlement
15 negotiations with JPMC, correct?
16 A. It was during the period where we sent a proposal to JPMC.
17 It was not after we received the response from JPMC. (pg 279)
And...
25 Q. Well, they didn't say anything at all when you offered the (pg 279)
1 proposal at the meeting?
2 A. No. They said -- they took it down and they said, and
3 they asked a question or two about how we treat certain things,
4 and they said we'll be back to you.
5 Q. And you didn't restrict your trading during this period,
6 did you?
7 A. We did not. (pg 280)
Their proposal, accepted or not, was material and nonpublic. If every proposal and counter between the parties was to include recovery for certain classes, but not others, trading in the securities that were due recovery would strongly suggest IT. Investors in other classes certainly would consider such info “material”, as it would have affected their investment decisions.
IMHO
Jack
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Zitatende
MfG.L:)
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