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Hedge Funds Teamsters

Hedge Funds Teamsters

Hedge Funds Avoid Protest by Labor Union


It would have been a remarkable sight: Teamsters protesting outside the offices of a large hedge fund, Brigade Capital Management.  The International Brotherhood of Teamsters planned a midday rally against the hedge fund accusing the firm of refusing to participate in trucking company YRC Worldwide’s debt-for-equity swap.  If YRC cannot complete the swap, Teamsters estimate that 30,000 Teamsters will lose their jobs.

However, Brigade Capital Management responded quickly to avoid the rally and the bad press that would surely follow.   Both Brigade and hedge fund JMB Capital Partners announced that they have tendered all of their bonds in YRC, causing the Teamsters to call off the protest.
The union did warn that it would “monitor the situation” and “will plan future protests at these institutions and others if contrary evidence surfaces.”

"There is too much at risk for bondholders to sacrifice the livelihood of 30,000 workers for the marginal profits they might realize by their continued inaction," said Teamsters General President James Hoffa. "It's a simple choice—help a good, U.S. company recover and protect 30,000 jobs or allow our struggling economy to take another devastating hit. I think the choice is clear—bondholders must now do their part."  Source

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http://richard-wilson.blogspot.com/2009/12/hedge-funds-teamsters.html
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