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One silver lining of the recent turbulence in private credit should be that people come to understand capital markets better.
Court documents obtained by 9fin shed new light on the schemes allegedly used by Paresh Raja, the director of collapsed UK bridging lender Market Financial Solutions, to defraud institutional and high-net-worth funders — including loans to companies secretly controlled by Raja, forged loan documents, and double-pledged collateral.
9fin | The investment banks exposed to MFS aren’t saying much, but institutions that weren’t have some stories. Asif Godall, formerly CIO of Cairn Capital (Polus), latterly head of EMEA markets at Mizuho, gave a long account of his engagement with MFS.
JP Morgan is attempting to reignite interest in private credit secondaries as the threat of new AI tools stirs unease in public markets, according to 9fin sources.
Cumulus Media filed for Chapter 11 protection, less than two years after completing an LME that was supported by a large majority of its existing debtholders. The post-LME exchanged debt is a case study in LME blocking mechanics.
The 21st Century ROAD to Housing Act is already having a dampening effect on private real estate, 9fin reports.
