{"id":45590,"date":"2015-01-05T07:48:51","date_gmt":"2015-01-05T12:48:51","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=45590"},"modified":"2015-01-04T20:44:58","modified_gmt":"2015-01-05T01:44:58","slug":"40-million-goes-to-hedge-fund-in-credit-suisse-case","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2015\/40-million-goes-to-hedge-fund-in-credit-suisse-case.html","title":{"rendered":"$40 Million Goes To Hedge Fund In Credit Suisse Case"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/images1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-45595\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/12\/images1.jpg\" alt=\"images\" width=\"287\" height=\"175\" \/><\/a>New York (HedgeCo.Net) &#8211; Dallas hedge fund Highland Capital Management has won a\u00a0$40 million payout from Credit Suisse, the Wall Street Journal reports, after proving\u00a0that Credit Suisse AG duped the hedge fund into refinancing a shaky real-estate development.<\/p>\n<p>\u201cThey were not doing it to help Highland Capital. We were tricked. We were duped. We were misled,\u201d William Reid, Highland\u2019s attorney, said during his closing arguments last Wednesday.<\/p>\n<p>Highland received an appraisal from Credit Suisse in earlier years, which valued the 3,582 acre property at $891 million from $522 million in 2007.\u00a0 With the appraisal, Highland Capital used the property as collateral against a $540 million loan.<\/p>\n<p>However, the deal defaulted, the property was sold for pennies on the dollar, for $17 million and Highland saw massive losses.\u00a0 All the while, Credit Suisse collected $20 million in fees and sold dividend recapitalization loans totaling $3 billion in restructured products, which all eventually went under.<\/p>\n<p>From 2004 to 2006, Highland increased their investment in the Lake Las Vegas development.\u00a0 Unfortunately, 2008 caused a real estate meltdown and soon after, the property was sold on a fire sale and Highland walked away with massive losses from the deal.<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Dallas hedge fund Highland Capital Management has won a\u00a0$40 million payout from Credit Suisse, the Wall Street Journal reports, after proving\u00a0that Credit Suisse AG duped the hedge fund into refinancing a shaky real-estate development. \u201cThey were [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16034,16044,3],"tags":[],"class_list":["post-45590","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-rulings","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=45590"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45590\/revisions"}],"predecessor-version":[{"id":45678,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45590\/revisions\/45678"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=45590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=45590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=45590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}