Wahhh! Poor Poppy! Poor Prince Bandar! Poor UAE Royals: Carlyle Fund Seeks Halt to Liquidation

[elehhhhna]

Carlyle Fund Seeks Halt to Liquidation

By JULIA WERDIGIER
Published: March 10, 2008
LONDON — The Carlyle Group’s troubled mortgage-debt investment fund, Carlyle Capital, said on Monday that it had asked lenders to halt further liquidation of collateral worth as much as $16 billion while the two sides discuss ways to repay debt.

The fund, which invests mainly in triple-A rated mortgage securities issued by Fannie Mae and Freddie Mac, has received $400 million in margin calls, and some of its lenders started to liquidate collateral for $5 billion of debt. Banks are asking for their money back amid concerns the economic climate may deteriorate further.

The Carlyle fund said on Monday that it “requested a standstill agreement whereby its lenders would refrain from foreclosing and liquidating their collateral, and we are awaiting responses.”

http://www.nytimes.com/2008/03/10/business/worldbusiness/10cnd-carlyle.html?ref=business

[jimshoes]

1. Wonder what they had up for collateral?

Nothing hurts rich people worse than losing money. :nopity:

[Karenina]

2. I'm hard-pressed to believe

this is anything more than theatrics on Carlyle's part. They're simply dumping bad paper onto American taxpayers...

[malaise]

3. I hope the lenders take them to the cleaners n/t