Article content
(Bloomberg) From the collapse of storied retailers to the fall of a prominent hedge fund manager, 2020 offered a harsh reminder of what happens when the economy goes south.
Bankruptcies reached levels not seen in a decade, distressed debt soared to almost $1 trillion and it may take years to repair the damage to airlines, restaurants and hotels. While 2020 may be over, the drama probably isn’t.
We apologize, but this video has failed to load.
Try refreshing your browser, or Wall Street s Painful Lessons From a Year of Epic Debt Fights Back to video
“If you don’t deeply cut debt and provide new cash to some of these companies, even restructuring won’t save them,” said Saul Burian, a senior member in Houlihan Lokey Inc.’s U.S. restructuring group. “All you’re really doing is changing ownership, and taking back a hobbled donkey does not make it a race horse.”
Neiman Marcus bankruptcy court Judge David Jones calls hedge fund manager a thief and a liar
Daniel Kamensky appeared in Jones’ court to seek approval of a settlement with Neiman Marcus. He faces criminal charges for fraud and extortion in New York.
An exterior view of the Neiman Marcus store at NorthPark Center in Dallas.(Tom Fox / Staff Photographer)
Marble Ridge Capital founder Daniel Kamensky on Thursday received a public dressing down by U.S. Bankruptcy Court Judge David Jones for his misconduct in the Neiman Marcus bankruptcy.
Jones called Kamensky a “thief” and a “liar” who attempted to steal from other Neiman Marcus creditors, “not because of need, but out of pure greed.”