Wells Fargo Blasts Bankrupt Fund's Bid To Probe Casino IPO

Law360 (August 9, 2019, 5:52 PM EDT) -- Wells Fargo and a group of bondholders who claim they're owed nearly $900 million have blasted a bankrupt hedge fund's request to investigate the contested Macau casino IPO at the heart of the dispute, calling the debtors "hopelessly conflicted."

New Cotai Holdings Inc. and several related funds — all run by Silver Point Capital — filed for bankruptcy on May 1 when they found themselves unable to pay off roughly $856 million in bond debt due that day, after the casino IPO the funds were created to invest in allegedly went horribly wrong.

The debtors have asked the New York bankruptcy...

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