Judge swats down Clifden’s ‘unprincipled asset grab’

High Court
By Asad Ali
13 Aug 2018

Clifden IOM engaged in an “unprincipled asset grab” when it hurriedly arranged the appointment of a deal administrator for the Fairhold transaction, a High Court judge said on Friday. The real estate investment firm was defending an injunction sought by Fairhold, a pre-crisis distressed CMBS, and note trustee Global Loan Agency Services Ltd (GLAS) to prevent Clifden’s appointment of administrators.

Observers over the course of the three day hearing expected Clifden’s lawyers to land a few punches while defending the company’s actions. But by Friday the three Clifden directors who had attended the previous two days, including Rizwan Hussain, decided there was not much more they could do ...

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