Business
Revlon lenders believed billionaire Ron Perelman was behind Citigroup’s $ 900 million mistake
Matt Turkel, a partner at Brigade Capital Management, said that when the credit investment firm received $ 211 million, he thought this reflected the wishes of Perelman, who over the summer was raising funds. funds in sell art, its interest in Humvee-maker AM General and other interests.
“I thought it was possible that Mr. Perelman could chose to deploy capital he controlled to repay some or all of Revlon’s debts, ”Turkel said. “It was widely reported in the news that Mr. Perelman was monetizing various assets and I thought so It is plausible that Mr. Perelman used some of these proceeds to settle Revlon’s debt.
Revlon had been in financial trouble for many years and Perelman bought back its debt from investors at a steep discount from time to time. Last spring, the cosmetics company angered its creditors when it borrowed new money secured by the intellectual property of its brands, which had been used as collateral for an older loan. When the unexpected August loan repayment hit their screens, the first thought that came to their mind, at least at some Revlon lenders, was that Perelman was playing hardball again.
“The theory that we Okay at time was most likely that Revlon and Citibank were trying to manipulate the voting rights ”of certain lenders, testified Catherine McCoy, portfolio manager at Allstate Investment Management, whose company has received more than $ 10 million from Citi.
The reality was more mundane, however, Citi says.
In his testimony Wednesday, credit manager Vincent “Vinny” Fratta explained that the flawed box check explained why the bank, which intended to transfer $ 7.8 million in interest to Revlon’s lenders, accidentally paid off the entire capital of $ 900 million.
“One of the three boxes was checked and it led us to believe the transaction was correct, ”said Fratta. “However, two boxes were not checked.”
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
picture credit
to request, modification Contact us at Here or [email protected]
 |
 |
 |
