I don't like this part:
304 1/22/2010 Subpoena /Notice of Subpoena for Rule 2004 Examination Directed to Credit Suisse AG, Cayman Islands Branch. Filed by Official Committee of Unsecured Creditors. (Attachments: # (1) Exhibit 1 - Subpoena) (Chipman, William) Debtor: Champion Enterprises, Inc.
Related: none
Check out this article:
24 BILLION DOLLAR LAWSUIT AGAINST CREDIT SUISSE
A group of property owners from four luxury resorts -including Tamarack Resort in Idaho - has filed a $24 billion class-action lawsuit against Credit Suisse, alleging that the big Swiss bank engaged in a “predatory” lending scheme designed to force all four resorts into foreclosure and acquire the pricey properties for pennies on the dollar, while raking in “enormous” fees. The lawsuit, filed in federal court in Boise, alleges racketeering, conspiracy, fraud, money laundering and more, and seeks billions in damages, including $150 million each for the states impacted by the failed resort projects. The resorts, in addition to Tamarack, are Lake Las Vegas in Nevada; the Yellowstone Club in Montana; and the Ginn Sur Mer resort in the Bahamas.
Seven attorneys from California, Nevada, Texas and Idaho are listed in the complaint; none are commenting on the case, but the group issued a press release accusing Credit Suisse of “naked greed,” and said the bank’s scheme artificially inflated the value of the resort properties with the intention of then foreclosing on the debt-saddled owners. Also named as a defendant is Cushman & Wakefield, the real estate services firm that appraised properties for Credit Suisse, using a “total net value” appraisal methodology. Incidentally, the “naked greed” phrase in the press release is a quote from a federal bankruptcy judge in Montana, who wrote in a May 2009 court order that the bank’s actions in the Yellowstone Club case “shocks the conscience of this court,” adding, “Credit Suisse lined its pockets on the backs of the unsecured creditors.”
I'm not certain how they figure into all of this but I don't think it's good news.
