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Black Diamond Capital Management
Black Diamond Managed Fund Terminates Derivative Facility With Barclays
November 8th, 2008
Black Diamond Capital Management announced that on October 14, 2008, one of its managed funds, BDC Finance L.L.C., terminated a derivative facility with Barclays Bank PLC. The termination was due to Barclays' failure to return excess collateral held by Barclays under the facility due on October 7 and Barclays' failure to cure the default after applicable cure periods. When Barclays failed to return the amounts due to BDC Finance in accordance with the termination, BDC Finance commenced legal action against Barclays in NY State Supreme Court on October 17. BDC Finance is confident that it will prevail in the action. BDC Finance and Barclays were counterparties under...
Source: Law & Health Weekly (2008-11-08)
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