John Paulson’s Paulson & Co looks to gain $550 Million from Lehman bet
|July 6th, 2011||
|Hedge fund, Paulson & Co., will likely reap a profit of at least $550 million on its investments in bonds issued by Lehman Brothers that dipped in value during Lehman’s unraveling. The Financial Times reports that Lehman’s estate has agreed to pay bondholders 21.1 cents on the dollar.|
John Paulson’s Paulson & Co started buying Lehman bonds in September 2008 and acquired bonds with a total face value of $4 billion at an average cost of 7.3 cents. Other hedge funds, such as Fir Tree and Taconic that bought Lehman bonds at close to settlement value, did not fare as well.
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