Editors' Note: This article has been updated to reflect a Clarification.
A Manhattan bankruptcy judge has ordered three hedge funds to pay more than $513,000 in fees to private equity firm TPG after finding that the funds improperly filed an involuntary bankruptcy proceeding against two defunct TPG affiliates as part of a "global war" involving 11 other lawsuits across the United States and Europe. The hedge funds—SPQR Capital (Cayman) Ltd., Lansdowne Capital SA and Crest One SpA—are seeking to recover money they lost when Greek telecom Hellas defaulted on notes the hedge funds held in 2009. The hedge funds allege that TPG used its affiliates TPG Troy LLC and T3 Troy LLC as shell companies in a fraudulent scheme that raided Hellas' assets and left it insolvent.
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