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One of the most fascinating parts of this story, to me, is that Revlon's creditors were able to use a mistake made by Citi and a legal loophole in New York to r
by njovin 6y ago
One of the most fascinating parts of this story, to me, is that Revlon's creditors were able to use a mistake made by Citi and a legal loophole in New York to recover debt that had increased in risk due to some allegedly-shady asset management by Revlon. It's like a perfect storm formed to repay bad debt.
- bdowling 6y agoExactly. Revlon's creditors received a windfall because they were paid back 100% on a risky debt investment. Citibank, on the other hand, is now an involuntary creditor to Revlon and has taken on a lot of risk because of the mistake.