'Operation Royal Crown' — How a DQ list left Bank of America holding an unsettled trade
Two of distressed debt’s largest institutions are appearing at a hearing in a New York state court on Monday, 29 June to determine the scope of a trial that could transform the way DQ lists are enforced.
It started like any other trade. Andrew Van Orden, a distressed trader at Bank of America, joined a Bloomberg chat in September 2021 with a single word: “yo.” Ethan Auerbach, a portfolio manager at the alternative asset manager Black Diamond Capital Management, replied within a few seconds: “Lmk how operation royal crown goes.”
