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Altus finalise l’achat des junk bonds pour $2.9 Md

Publicly, Black had been listed as Altus's financial advisor during the auction. Two days after Altus paid for and took possession of the junk bond portfolio, however, about 20 percent of the bond portfolio -- representing the most potentially lucrative bonds, valued at $537 million -- were transferred to Apollo II, the fund which Black and his colleagues partly owned and exclusively managed.

Although the bonds had increased in value by 25 percent in those 4 short months -- and despite the fact that  Executive’s  policyholders had sued to recoup that gain -- the bonds were transferred to Apollo II at the severely reduced cost Altus had paid at auction.

According to a sales memo for a third fund set up by Black's group, Black and his colleagues had invested $55 million in Apollo I and II.

Then, a week before the bonds were actually transferred, on February 25, 1992, the parties expanded on their original agreement. A February letter between Altus and Black's group , states that "from time to time we may identify investment opportunities...beyond the scope of those contemplated by the original agreement."  

 

 
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