Lightnews — Scholar-powered news

Robert Smith @bondhack.ft.com · 8h

A lot more exclusive detail on Point Bonita's fund structure, beyond those that Jefferies disclosed today, in update to story (w/ @ericgplatt.ft.com and @ortenca.bsky.social) on.ft.com/42soiJ9

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Robert Smith @bondhack.ft.com · 11h

🚨 JEFFERIES REVEALS $715MN FUND EXPOSURE TO FIRST BRANDS INVOICES 🚨

Jefferies has said that one of its credit funds has ~$715mn of exposure linked to First Brands Group, making the US investment bank one of the largest-known creditors to the bankrupt auto parts firm.

www.ft.com/content/8d47...

Jefferies reveals $715mn fund exposure to First Brands invoices

US investment bank is one of the largest-known creditors to the bankrupt auto parts firm

www.ft.com

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Robert Smith @bondhack.ft.com · 14h

Sorry gift link good for 300 clicks. Try this new one on.ft.com/4nGU3qx

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

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Robert Smith @bondhack.ft.com · 1d

two bottles of bundaberg diet rum and vanilla are floating in the air

ALT: two bottles of bundaberg diet rum and vanilla are floating in the air

media.tenor.com

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Robert Smith @bondhack.ft.com · 1d

It’s a diversified collection of invoices tied to First Brands Group.

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Reposted by Robert Smith

Nick @sregorn.bsky.social · 1d

chat is my fund diversified?

Robert Smith @bondhack.ft.com · 1d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

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Reposted by Robert Smith

Peter Atwater @peteratwater.bsky.social · 1d

The game of "Where's Waldo?" begins...

Robert Smith @bondhack.ft.com · 1d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

1 1 3

Robert Smith @bondhack.ft.com · 1d

🔥FIRST BRANDS NIGHTMARE ON WALL STREET SPREADS TO PARADEPLATZ 🔥

A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group, leaving Switzerland’s largest bank grappling with a bankruptcy that has convulsed global finance.

Lots more scoopy detail here: on.ft.com/46VXxhD

UBS fund holds 30% exposure linked to First Brands

[FREE TO READ] Switzerland’s largest bank has multiple investments tied to bankrupt auto parts maker

on.ft.com

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Robert Smith @bondhack.ft.com · 2d

The previously unreported “side letter” between Jefferies and First Brands threatens to heap more scrutiny on the US bank for its dealings with the bankrupt firm.

Last month, we first revealed that Jefferies provided substantial off-balance sheet financing to First Brands on.ft.com/3VTPM6N

Jefferies among private credit investors exposed to US auto company invoices

[FREE TO READ] Ohio-based First Brands Group has appointed Deloitte to review its invoice factoring

on.ft.com

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Robert Smith @bondhack.ft.com · 2d

BREAKING: Jefferies earned undisclosed fees on financing it provided to First Brands Group, in an arrangement other lenders say may have violated terms of their own credit agreement with the bankrupt car parts company.

Full story w/ @ericgplatt.ft.com & @ortenca.bsky.social here: on.ft.com/430jWZT

Jefferies earned undisclosed fees on First Brands ‘side letter’ financing

[FREE TO READ] Lenders to bankrupt car parts group believe arrangement may have breached loan covenant

on.ft.com

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Robert Smith @bondhack.ft.com · 3d

If you can stomach going over to LinkedIn, I had some words for the CLO community on all that! www.linkedin.com/posts/robert...

I have had a lot of very kind messages about the Financial Times's coverage of the First Brands Group fiasco. I want to underscore that the reason a London newspaper has been ahead of a massive… ...

I have had a lot of very kind messages about the Financial Times's coverage of the First Brands Group fiasco. I want to underscore that the reason a London newspaper has been ahead of a massive finan...

www.linkedin.com

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Robert Smith @bondhack.ft.com · 3d

Cracking, nuanced profile of AI sceptic-in-chief @edzitron.com from @tabbykinder.bsky.social

on.ft.com/3WlODVF

Ed Zitron is mad as hell

[FREE TO READ] How a British-born hobbyist blogger became one of Big Tech’s punchiest critics

on.ft.com

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Reposted by Robert Smith

FT Alphaville @alphaville.ft.com · 5d

"With the advent of private credit, institutions are putting money into this magical machine that gives you equity rates of return for senior debt exposure, which again should be the first red flag. We rarely get to see how the sausage is made."

on.ft.com/4gSm1gd

FTAV Q&A: Jim Chanos

[FREE TO READ] Wall Street’s most famous short seller on the First Brands fiasco, Enron and the “magical machine” in private credit markets

on.ft.com

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Robert Smith @bondhack.ft.com · 3d

💯

I don't think it's a bold prediction to say that the total liabilities are likely going to increase beyond the initial disclosure

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Reposted by Robert Smith

FOHF @fohf.bsky.social · 5d

FWIW factoring/MCA/receivables finance has always had a higher fraud rate than other areas of the lending market. Fans of history should look up Petters, Palm Beach as examples.

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Robert Smith @bondhack.ft.com · 3d

a massive part of my "edge" in writing about financial shenanigans is knowing a bit about factoring and having a Rolodex of people in that world. nearly everything dodge i've covered in finance has an invoice angle.

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Robert Smith @bondhack.ft.com · 3d

Even US bankruptcy courts, the vengeful Old Testament God of American capitalism, take a rest on a Sunday

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Robert Smith @bondhack.ft.com · 4d

The musics still playing, even though some of the performers are being carried out in body bags

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Robert Smith @bondhack.ft.com · 5d

He’s so great

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Robert Smith @bondhack.ft.com · 5d

Full chat transcript here

on.ft.com/3WmD7JC

FTAV Q&A: Jim Chanos

[FREE TO READ] Wall Street’s most famous short seller on the First Brands fiasco, Enron and the “magical machine” in private credit markets

on.ft.com

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Reposted by Robert Smith

Jos Gallacher 🕊️ @jos.gallacher.be · 5d

‘In a 2020 Lunch with the FT interview, Chanos said financial markets were in "the golden age of fraud". On Thursday he said this phenomenon had "done nothing but gallop even higher" since he made the remark.’

Robert Smith @bondhack.ft.com · 5d

Is the collapse of First Brands Group an “Enron moment” for the private credit market?

I thought it was worth speaking to an expert to get an answer.

So I rang Jim Chanos. The legendary short seller had some sharp words about the “magical machine” fuelling Wall Street’s debt boom on.ft.com/4nvwlx3

Short seller Jim Chanos predicts more First Brands fiascos in private credit

[FREE TO READ] Investor famed for spotting Enron fraud sounds alarm on Wall Street’s booming debt machine

on.ft.com

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Robert Smith @bondhack.ft.com · 5d

lol

Robert Smith @bondhack.ft.com · 5d

Is the collapse of First Brands Group an “Enron moment” for the private credit market?

I thought it was worth speaking to an expert to get an answer.

So I rang Jim Chanos. The legendary short seller had some sharp words about the “magical machine” fuelling Wall Street’s debt boom on.ft.com/4nvwlx3

Short seller Jim Chanos predicts more First Brands fiascos in private credit

[FREE TO READ] Investor famed for spotting Enron fraud sounds alarm on Wall Street’s booming debt machine

on.ft.com

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Robert Smith @bondhack.ft.com · 7d

💥BREAKING NEWS ON FIRST BRANDS FIASCO 💥

First Brands Group’s $1.1bn rescue loan faces a legal challenge from a Utah-based asset-backed finance specialist, which has emerged as the largest known creditor to the bankrupt US auto parts company.

Full details only on the FT, here on.ft.com/3KnnBe2

Utah-based leasing giant challenges First Brands rescue loan

[FREE TO READ] Onset describes itself as ‘most significant provider of liquidity’ to bankrupt auto parts group

on.ft.com

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Robert Smith @bondhack.ft.com · 8d

We made this video just prior to First Brands Group's bankruptcy, but a lot of the main beats are there: hidden liabilities; supply-chain finance shenanigans; prior accusations of fraud against the founder; @ortenca.bsky.social and I gazing wistfully at our computers.

www.ft.com/video/8f96ed...

How First Brands Group collapsed

The FT's Robert Smith explains how First Brands Group became heavily indebted, about its use of supply chain finance and what it means for the private credit market

www.ft.com

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