PFBlog logo

My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.
  Home | Feed: feed-icon.gif | About | Progress: June 07: $756,924 | Best of PFBlog | Product Reviews | PFBlog Digest | Disclaimer | Advertise | Contact Me

...

Saks, Struggling to File Annual Report, Gets Notice of Default From Debt Holder

Contributed by mm | June 16, 2005 8:33 AM PST





I should say this is a new business model for the hedge fund industry :-)

From New York Times:

Saks Inc., the department store owner under investigation by the Securities and Exchange Commission and the Justice Department, said yesterday that a hedge fund holding a portion of its $230 million in convertible notes sent it a notice of default because the company has delayed filing its 2004 annual report.

...

John C. Coffee Jr., a professor at Columbia University's law school and a specialist on securities law, said the action by the hedge fund was unusual, and was "a pretty aggressive strategy."

He questioned whether the hedge fund took its position counting on a default. In a default, the bondholder is entitled to 100 percent of the face value of the debt, he said, even if the holder paid less than face value.
What do you think of this post? Be the first to share your opinions.

Enjoy the latest personal finance news and commentary at PFBlog Network.
Similar Posts

KPMG May Dodge One Bullet, Only to Face Another (June 21, 2005)
Woo. I didn't realize the money involved in this scandal is this big. KPMG has to be punished, but I don't want to see it to close the door like Arthur Andersen.
KPMG Faces Indictment Risk On Tax Shelters (June 16, 2005)
I'd rather we don't lose another major accounting firm. Those at DOG should learn some lessons from the recent reversal of the Arthur Andersen case.
G.M. Board Wants Cut in Benefits (June 15, 2005)
The union workers should know they are earning more than they deserve in a competitive market.
H-P's New Chief Separates PC Unit From Printer Arm (June 14, 2005)
One more bad decision from Carly Fiorina corrected.

Read all 48 articles in the same category.

Read More ... All Other Posts In The Same Category

07/22/06 | Microsoft Announces Share Repurchase Program
05/03/06 | A Microsoft, Yahoo Tie-Up? | (1)
03/12/06 | Microsoft's Tax Gambit
03/04/06 | Warren Buffett Has A Successor! | (1)
08/30/05 | Report Has Microsoft Opening NYC Retail Store
08/25/05 | Northwest Hardens Line With Strikers
08/22/05 | Well-Laid Plan Kept Northwest Flying in Strike
08/22/05 | Microsoft's Stock Stirs from Years of Slumber
08/22/05 | New CFO Aims to Revive Microsoft Stock
08/22/05 | Microsoft Reveals Xbox 360 Pricing
08/20/05 | Mechanics Strike But Northwest Air Aloft
08/20/05 | Six 5-Star Stock Ideas from Master Investors
08/20/05 | Delta Pilots Warned Of Falling Cash Levels
08/20/05 | Northwest Mechanics Go On Strike
08/11/05 | Northwest Airlines, Mechanics Hurtle Toward Showdown
08/05/05 | Microsoft Hires Wal-Mart Exec
08/04/05 | Microsoft Names Turner As Chief Operating Officer
08/02/05 | Still Growing, Still a Bargain
07/10/05 | The Reward for Leaving: $113 Million
07/05/05 | Busy Bank of America Loads Up on Challenges
07/04/05 | MBNA's Hammonds to Benefit From Firm's Old, Lavish Ways
07/01/05 | Microsoft to Pay $775 Million To Settle IBM Antitrust Claim
06/30/05 | Morgan Stanley Taps Mack as CEO
06/27/05 | Morningstar Chief to Buy 2 Magazines
06/24/05 | Oracle's Ellison Recruits Maffei To a Senior Role
06/23/05 | GE to Reorganize Into 6 Business Units
06/22/05 | China's Cnooc Nears Bid For U.S. Oil Company Unocal
06/21/05 | Ameritrade Close to Deal to Buy TD Waterhouse
06/21/05 | Wall Street Scrambles to Analyze Cable Deal
06/21/05 | KPMG May Dodge One Bullet, Only to Face Another
06/16/05 | KPMG Faces Indictment Risk On Tax Shelters
06/15/05 | G.M. Board Wants Cut in Benefits
06/14/05 | H-P's New Chief Separates PC Unit From Printer Arm
06/13/05 | Morgan Stanley's Purcell To Step Down as CEO
06/12/05 | Chairman of Northwest Selling Shares
06/12/05 | Searching for a Reason to Buy Google
06/12/05 | Acting Like a Chief While Still Officially in the Wings
06/12/05 | 9 Resign at Morgan Stanley to Take Jobs at Wachovia
06/12/05 | What's Bad for G.M. Is . . .
06/12/05 | Amtrak: Stuck in Its Tracks
06/10/05 | The Toyota Files
06/10/05 | Anatomy of a Google Price Target
06/06/05 | General Re Executive Pleads Guilty, Will Assist in Probes
06/01/05 | CSFB Pegs Google's Upside at $350
05/31/05 | Taking a Look at TiVo
05/30/05 | Catch Pfizer While It's On The Mend
05/30/05 | A Front-Runner at Microsoft, But There's No Race Yet


Random Links
What Are Health Savings Accounts (HSA)? (Courtesy of Health Insurance Blog)
Free Retirement Planning Advice (Courtesy of Smart Retirement Savings)
5 Ways to Monitor Your Credit Reports (Courtesy of Zero Identity Theft)
What Is Foreign Stock Fund? (Courtesy of Mutual Fund Talk)
How To Get The Right Unsecured Personal Loan (Courtesy of Personal Loan For You)
How To Place A Fraud Alert On Your Credit Reports (Courtesy of Zero Identity Theft)
Reverse Mortgage FAQ: Difference Between A Reverse Mortgage And A Home Equity Loan (Courtesy of Reverse Mortgage Blog)
Pros and Cons of Bank Lending (Courtesy of Personal Loan For You)
Should You Buy Flood Insurance? (Courtesy of Smart Homeownership Blog)
Car Insurance ABC: What Is Underinsured Motorist Bodily Injury (UIMBI)? (Courtesy of Auto Insurance Blog)
Kiplinger 25: Best International Stock Funds (Courtesy of Mutual Fund Talk)
GE Retail Consumer Finance Issues ShopNBC MasterCard (Courtesy of Best Credit Card Guide)
How To Use A Credit Card To Establish Good Credit? (Courtesy of Best Credit Card Guide)
Fund Scandal Payouts Likely To Be Small (Courtesy of Mutual Fund Talk)
Review: TermLifeOptions.com (Courtesy of Term Life Insurance Blog)
Payday Loan Companies Change Practices (for the Good) (Courtesy of Payday Loan Report)
Stocks For The Long Run: J.P. Morgan Chase (JPM) (Courtesy of Stock & Options Trading)
What Is VantageScore? (Courtesy of Easy Debt Consolidation)
How To Make A Million Dollars In Ten Years (Courtesy of Quick Millionaire)
Benefits of Universal Life Insurance (Courtesy of Universal Life Insurance)
Why Should You Buy Life Insurance? (Courtesy of Term Life Insurance Blog)
The Best Use Of A Debt Consolidation Loan (Courtesy of Easy Debt Consolidation)
Can Medical Billing Really Make You Money? Hardly. (Courtesy of Quick Millionaire)
How To Buy QQQQ Without Commission (Courtesy of Stock & Options Trading)
Featured Card: Discover Platinum Clear Card (Courtesy of Best Credit Card Guide)















This page was last rebuilt at April 01, 2008 09:18 AM.

PREMIUM SPONSORS

Car Loans
Dallas Bankruptcy Attorney
Personal Loans
Car Finance
Homeowner Loans
Cheap Car Insurance
Mortgages UK & CCJ Mortgage
Used Cars
Loans
Commercial Mortgages and Business Loans
Guaranteed Car Finance
Payday Loan
Personal Loan
Student Loan Consolidation.com
Secured Loans
Bad Credit Loans - Free Quote

  buy ad here ...


SITE REVIEWS

Low Cost Loans
Cheap Loans
Google
Web PFBlog

CREDIT CARD RECOMMENDATIONS

Citi Dividend Platinum
American Express Blue Cash
Citi Driver's Edge
Citi Premier Pass
Discover More Card
Starwood PReferred Guest Credit Card from American Express
Citi mtvU for College Students
One from American Express





WHAT I READ

WSJ
CNN Money
SmartMoney
Kiplinger
Morningstar


AFFILIATED BLOGS

Credit Card Guide
Auto Insurance Tips
Term Life Insurance
Reverse Mortgage Guide
Personal Loan Blog

Mutual Fund Talk
Debt Consolidation Tips
Easy Mortgage
Bankruptcy Blog
Smart Annuity

Universal Life Insurance
College Savings
Retirement savings
Car Loan Tips
Stock Option Trading

Health Insurance Guide
Long-Term Care
Become A Millionaire
ETF Investment
No Identity Theft

Homeowner Finance
Payday Loans
Hedge Fund Report
Personal Tax
Smart Travel

PFBlog Digest
Money Blog
Insurance Blog
Saving Advice

 

 


POWERED BY

Easy Web Hosting $6.95