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Peeking Behind the Private-Credit Curtain; AI Bonds Pressure Markets
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, November 25. In today's briefing, Wall Street wants to sell data on private markets, where institutional investors pay hefty fees and receive scant information. And prices of new tech bonds have slid, adding to investors’ market anxieties.
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Daisy Korpics/WSJ, iStock
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Investors clamor for a peek behind the private markets curtain. Selling data on private equity and private credit is becoming big business on Wall Street. In a market where opacity is the whole point, it is also a tricky feat.
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Kyle Grillot/Bloomberg News
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AI bonds pressure markets. Wall Street is straining to absorb a flood of new bonds from tech companies funding their artificial intelligence investments, adding to the recent pressure in markets. Companies were able to complete their sales. But some had to pay unexpectedly high interest rates.
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AFP
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Law firms denied $21 million Boy Scouts contribution fee. A federal appeals court ruled Friday that law firms representing Boy Scouts of America sex-abuse claimants didn't contribute enough toward its chapter 11 reorganization plan to warrant payment of $21 million in fees from the bankruptcy estate.
The work performed by lawyers for the Coalition of Abused Scouts for Justice primarily benefitted abuse survivors rather than the bankruptcy estate as a whole and duplicated the work of other parties, according to the U.S. Court of Appeals for the Third Circuit.
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