(Wall Street Journal) A hedge fund is accusing a subsidiary of Clear Channel Communications Inc. of improperly moving $656 million to its debt-laden parent, which is owned by private-equity giants Bain Capital Partners and Thomas H. Lee Capital Partners.
The cash transfers, which were fully disclosed, were made from billboard company Clear Channel Outdoor Holdings Inc. The company is 89% owned by Clear Channel Communications, with the rest owned by public shareholders.
JHL Capital Group, a $1.5 billion Chicago hedge fund, argues in a letter to the billboard company that its board members may be liable for “breach of duty” due to cash …
