Author: Davidfom June 20, 2020 at 16:11:07 from 126.96.36.199 in reply to: unnebulous foxiest posted by zpolet417 on August 26, 2016 at 03:25:42
Private equity firms appeal against billabong rescue deal
Published 8:35 PM, August 13, 2017
MANILA, Philippines â€“ Two bond funds representing private equity firms that have been hit by a slew of lawsuits have appealed against the Senate committee on finance (CSF) decision to bail out their clients, according to sources.
The funds, led by Goldman Sachs Philippines and JSW Capital Philippines, submitted applications to the Senate on August 5 to seek bail-outs by the CSF in respect to the two firms.
Both companies have been dragged into a lengthy lawsuit filed last year by three plaintiffs seeking damages against them due to allegedly negligent conduct in the fund's portfolio management operation. The fund allegedly failed to report the extent of losses in its loan portfolio to the regulators.
Two weeks ago, the government cleared the bond funds' request to receive government funds to buy the debt of the fund management company.
Two bond funds have thus far signed an affidavit saying they are considering granting a bail-out for the bond funds.
The fund management company had filed a lawsuit in July against Goldman Sachs and JSW Capital for alleged misrepresentation of loan results.
The filing alleged that Goldman Sachs engaged in illegal and deceptive conduct, including lying on its filings that the company's securities portfolio had been assessed to be above average, to create market pressure to rescue the funds, before it did so.
The filing, which was previously sealed, allegedly alleged that Goldman Sachs' misstatement may have triggered some of the funds' losses.
However, according to the latest documents, the CSF has now ordered both Goldman Sachs and JSW to pay up to P120 million (A$3.2 million) to the fund management company as well as pay a P30 million administrative fee, without any consideration for the funds' financial position.
"The CSF is of the view that there must be a commitment that no further relief should come from any party. It cannot be that no relief will be provided to the funds, because we had a written agreement with them," said Senator Manny Pacquiao Jr., co-chairman of the CSF.
"The CSF is prepared to do what it takes to help," Pacquiao added.
One of the companies, GSMA Philippine Ltd, filed a counter suit alleging that Goldman Sachs violated the Investment Company Act (ICAN) section 14A by taking part in transactions with the firm which was in fact a public company, thereby allowing it to profit off the fund's investments.
In the same case, JSW also filed a counter suit.
A spokesperson for JSW did not respond to Rappler's request for comment on the bond funds' filings.
On Saturday, August 12, the Justic
Private operator sought for brewarrina caravan park brawl Copyright by KOIN - All rights reserved Video
PORTLAND, Ore. (KOIN) --- A man faces a charge after a brawl at a brewery caravan park in southeast Portland early Saturday afternoon.
According to police, 40-year-old Daniel A. Williams of Portland had been drinking inside Portland Brewing Co. near Nellis Lake Road on U.S. Highway 97 about 7:20 p.m.
Williams and a woman reportedly exchanged words and had each pulled out a gun. When the guns started to fire at least one of the guns accidentally discharged.
Williams' girlfriend arrived and the woman ran into an alley and called 911, police said.
Williams and the woman went back inside the brewery at 8:12 p.m. but Williams called police, telling them he was in the bathroom and needed help because someone was shooting at him.
Officers arrived and confronted Williams at the end of the alley, and the woman was later taken into custody after yelling at officers, police said.
Williams allegedly pulled a gun out of his pants pocket, pointed it at police and told officers he felt threatened.
A witness identified Williams as a known gang member and said he had pulled out a gun.
The woman was arrested for criminal mischief.
Detectives are investigating, and detectives with the Public Information Office asked all witnesses to call them right away.
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