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Hedge-Funders Take a Public Bath at Paramount [Crash And Burn]
Posted on October 30, 2008
Today's Hollywood Reporter points out rare public evidence of a looming crisis we first told you about seven months ago: Melrose I, hedge-fund financing that helped pay for a raft of underachieving Paramount films dating back to 2004, saw its investment grade plunge six notches recently in an assessment by Moody's Investor Service. It was bad enough at the time for the money men to threaten Brad Grey with court and even if the lawsuit never came, the day of reckoning did. The shift guarantees that everyone from senior debtholders at Merrill Lynch to smaller equity backers around Wall Str...
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