Mother of all Shorts: How BlackRock Made a Killing from Spain’s Biggest Ever Corporate Bankruptcy

In a somewhat surprising decision, Spain’s High Court said on Friday that it would investigate allegations against two former executives of renewable-energy giant Abengoa, which days earlier had filed for preliminary bankruptcy protection. Some of the creditors had filed claims against former Chairman Felipe Benjumea and former CEO Manuel Sanchez Ortega.

In Sánchez Ortega’s case, they alleged that he’d shared insider information with his new employer, the world’s biggest investment fund, BlackRock, that then massively profited from this information

Continue reading the article at Wolf Street

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