Jan 7, 2010 (Kristen Haunss Bloomberg): Dock Street Capital Management LLC will replace ING Clarion Capital as the collateral manager for a high-grade asset-backed debt fund, according to David Crowle, a Dock Street managing partner.<\/p>\n
The fund had an event of default in early 2008, giving investors the ability to remove the manager, Crowle said in a telephone interview today. ING was given notice of its removal as manager of the Biltmore CDO 2007-1 on Dec. 10, he said. It has $655 million of outstanding collateral, he said.<\/p>\n
Collateralized debt obligations, or CDOs, pool high-yield, high-risk bonds and slice them into securities of varying risk and return. Dock Street, a New York-based liquidation, advisory and management firm, was founded last year by former employees of KBC Group NV\u2019s investment-management arm. It has taken over management responsibilities for three other funds, and handled 12 public CDO liquidations and 15 private CDO liquidations, Crowle said.<\/p>\n
\u201cWe continue to be an active liquidation agent both on the public and private side,\u201d he said. Suzanne Franks, a spokeswoman for ING Clarion in New York, didn\u2019t immediately return a telephone call seeking comment. Dock Street\u2019s other managing partners include Patrick K.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jan 7, 2010 (Kristen Haunss Bloomberg): Dock Street Capital Management LLC will replace ING Clarion Capital as the collateral manager for a high-grade asset-backed debt fund, according to David Crowle, a Dock Street managing partner. The fund had an event of default in early 2008, giving investors the ability to remove the manager, Crowle said in a telephone interview today. Continue Reading<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/posts\/51"}],"collection":[{"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51"}],"version-history":[{"count":3,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/posts\/51\/revisions"}],"predecessor-version":[{"id":102,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=\/wp\/v2\/posts\/51\/revisions\/102"}],"wp:attachment":[{"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.dockstreetcap.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}