Archegos founder Bill Hwang tells court he can't pay $10 billion compensation to victims because he's only a millionaire [Fortune]
Paramount Global - Class A (PARAA)
Company Research
Source: Fortune
It's a stunning fall for the once high-flying graduate of hedge fund pioneer Julian Robertson ‘s Tiger Management. Hwang, now 60, went on to gamble on behalf of his own family office Archegos and amassed a fortune Bloomberg estimated was once worth $30 billion According to his legal team, his estimated net worth has now plummeted to just $55.3 million in the best case, with potential ensuing liabilities shrinking that even further. “The government's request for a massive restitution order is unsupported, unnecessary and unjustified,” lawyers for Hwang argued in a filing to a U.S. court representing the southern district of New York. “The court should not impose restititution at all.” Hwang's victims comprise a handful of elite multinational investment banks led chiefly by Credit Suisse and Nomura. The combined damages for the latter two alone constitute three-quarters of the $9.86 billion in restitution sought by federal prosecutors. Prime brokerage desks all across Wall Stre
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PARAA
Earnings
- 11/8/24 - Beat
PARAA
Sec Filings
- 11/21/24 - Form 8-K
- 11/14/24 - Form 4
- 11/14/24 - Form 8-K
- PARAA's page on the SEC website