New York-based hedge fund, Fir Tree Capital, has urged the federal court to intervene and stop Anglo Irish Bank from merging with another distressed Irish bank, Financial Times reports. Anglo Irish Bank is seeking to auction assets and merge with the Irish Nationwide Building Society.
Fir Tree Capital is seeking to force Anglo Irish Bank to honor covenants attached to around $200 million of debt held by the hedge fund. Fir Tree Capital has claimed that the bank intends to transfer $10.7 billion in assets out of the U.S, adds FINalternatives.
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