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


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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.

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