RE: Gilinski average price nearly 70p10 Oct 2023 23:07
As I said, in cahoots.....
"Take Caius Capital, the hedge fund led by a couple of ex-Goldman Sachs alumni, that specializes in the distressed debt of financial institutions. Caius bought Metro Bank senior bonds as they retreated below par in recent months, while at the same time betting against the shares of the bank, a typical hedge strategy for funds buying bonds of troubled companies. So when Metro’s biggest shareholder, Colombian billionaire Jaime Gilinski, said he was ready to inject more cash to cover the shortfall at the bank if creditors would shoulder some of the burden, Caius was happy to oblige. The fund led a group of hedge funds that offered to swap the old notes at par for new senior, longer-dated bonds with a 12% coupon, up from 9.5% on the old notes. Gilinski agreed to inject £102 million to take a 53% stake in the bank.