Sunshine has Value - Chapter 11 Investigation Yields Proof of Attempted Bid Rigging by a Hedge Fund
It is good to see bankruptcy courts authorizing more investigations into chapter 11 backstories. Here, under investigation, a hedge fund manager was caught and admitted a ‘grave mistake.’ The mistake consisted of trying to rig the bidding for some assets. Caught, he said: a “Maybe I should go to jail,” “But I’m asking you not to put me in jail.”
The story is out in many places. I learned of it from this August 20, 2020 article in the Financial Times.