The same day that Citadel Solutions – fund administrator – is appointed to look after around $50bn in complex assets still owned by the US Lehman bankruptcy estate, Citadel Investment Group – hedge fund, parent – sells the rights to a $423m claim against the same bank (details of which only emerged on Tuesday) to Credit Suisse.
Coincidence?
Apparently so.
Senior sources with knowledge of the situation are fairly categorical and say it is “pure happenstance”. No objections, or stipulations were brought up by creditors at the appointment of Citadel Solutions in court on Wednesday.
So it’s just bad timing. And certain to raise eyebrows, and questions.
Related link:
What’s behind the Citadel name change? – FT Alphaville