Leon Black, John Paulson and their New Partnership on Distressed Debt

[BargainValueHunter]

http://www.nypost.com/p/news/business/black_paulson_mJ6C7A0f7zHrUbQBWIinRL

 

With Black's investment at risk, he started buying up the discounted debt so he would have a say in a potential bankruptcy filing. He bought more than $1 billion of Realogy's most subordinated debt for an average price of about 20 cents on the dollar, or around $250 million. Months later, Paulson and Marc Lasry's Avenue Capital started buying the discount loans as well.