Almost a year after the collapse of Lehman Brothers investment bank, Citadel Investment Group has filed a claim in the US Bankruptcy Court, New York Southern District against the administrators, with the aim of recovering USD470.5m , according to court documents.
In these documents the company said the figure covered the value of failed derivatives contracts, net of collateral, which had been entered into between Citadel Equity Fund and Lehman Brothers as counterparty and the costs associated with replacing them. There is huge potential for disagreement on amounts due. Therefore Judge James Peck of the New York Southern District US Bankruptcy Court has ordered compulsory mediation to reduce the number of cases before the court.
Not long after the Lehman Brothers collapse, in October of last year Citadel boss Ken Griffin, brought together Wall Street analysts on a conference call to confirm that Citadel remained solvent after weeks of rumours about losses; Citadel was 'hunkering down' and able to survive the turmoil. The group currently has an estimated USD12bn in assets under management, down significantly from its peak.
Founded in 1990, the Citadel group of companies includes a division that principally executes alternative investment strategies across multiple asset classes; and Citadel Securities, comprised of investment banking, a sales and trading platform, an industry leading market making franchise, and Citadel Solutions, soon to be renamed Omnium, a recognized administrator serving financial institutions.
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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