Clifden’s behaviour ‘unprincipled asset grab', judge concludes

CMBS office
By Asad Ali
13 Aug 2018

Instead of acting as the saviour of noteholders, Clifden was simply to trying to profit from the hurriedly arranged pre-pack administration of Fairhold, a pre-crisis CMBS now in distress, according to a judge in the UK High Court on Friday. It was an ‘unprincipled asset grab’, the judge told the court on the concluding day of the hearing.

And the actions it took did not stand up to scrutiny in court. 

Observers in court, expecting Clifden’s lawyers to land a few punches defending their actions, especially the bold claims blasted out via RNS, were left disappointed in a thoroughly one-sided affair.

By Friday, Clifden’s three ...

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