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- Ranger reports positive development in Princeton fight
Ranger reports positive development in Princeton fight – the bankruptcy court has already ruled that portions of Ranger Direct Lending‘s claims against Princeton and the general partner in pending arbitration proceedings could proceed and be fully adjudicated. The arbitration panel has now rendered a “Partial Final Award” on Phase I of the arbitration as follows:
However, the arbitration panel found insufficient evidence to find Princeton liable on Ranger’s claim of fraud and violations of 10b-5 (the SEC rule that deals with fraud).
The arbitration panel awarded gross damages of US$61.8 million and net damages totalling US$30.7 million, plus pre-judgment interest accruing from 30 November 2016. There is quite a bit of toing and froing to go through before Ranger sees any cash, however.
The board says “further announcements on the actions proposed to be taken in respect of the portfolio will be made in due course“. The company also notes that one of the named portfolio managers, Wes McKnight, is no longer employed by the investment manager having taken the decision to pursue other opportunities.
RDL : Ranger reports positive development in Princeton fight