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Never Just One Cockroach: Another Distressed Credit Gate Slams Shut on Investors
Alan Jay Mintz, CPA, a co-founder of Stone Lion Capital was Co-Head of the Distressed Debt and High Yield trading group at Bear Stearns Gregory Augustine Hanley, a co-founder of Stone Lion Capital was Co-Head of the Distressed Debt and High Yield trading group at Bear Stearns
The lower quality bonds have considerable exposure to oil service sectors. Given the low price of crude oil, these bonds are being hammered. Also these junk bonds maybe thinly traded, and difficult to sell without depressing the price further. This is what is happening to Marty Whitman's Third Avenue Focus Credit Bond Fund. Also others are shorting his bond positions that only complicates the situation according to WSJ. What a mess!
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http://www.reuters.com/article/us-investing-gundlach-idUSKBN0TU2MC20151211#1dKXwTUy8PHwLXoX.97
Here are the founders of Stone Lion Capital:
Alan Jay Mintz, CPA, a co-founder of Stone Lion Capital was Co-Head of the Distressed Debt and High Yield trading group at Bear Stearns
Gregory Augustine Hanley, a co-founder of Stone Lion Capital was Co-Head of the Distressed Debt and High Yield trading group at Bear Stearns
from: http://www.zerohedge.com/news/2015-12-12/eerie-echo-2007-it-really-bear-stearns-all-over-again