Fairhold saga continues with new Court hearing to ‘restrain’ Clifden
Attempts to divert the assets of distressed UK CMBS Fairhold to an affiliate of hedge fund Clifden IOM looked to be over in August when the issuer and note trustee Global Loan Agency Services (GLAS) convinced a judge that Clifden’s actions amounted to an ‘unprincipled asset grab’. But Clifden’s behaviour since that ruling has prompted yet another court hearing.
Clifden had attempted to bypass the issuer and note trustee in an attempt to appoint independent administrators to shift Fairhold’s assets – UK ground rents on sheltered housing – while leaving out of the money swaps behind.The pre-crisis CMBS has £413.7m of class ‘A’ notes and £29.8m of ...
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