Investors in Lynn Tilton’s distressed company rescue fund knew exactly what they were doing and gave her wide-ranging discretion to allow late interest payments, her attorney argued Monday.
Randy Mastro told Administrative Law Judge Carol Fox Foelak that major Wall Street “sharks” went in with their eyes wide open in investing in three collateralized loan obligations run by Tilton and her Patriarch Partners group, now accused of fraud by the Securities and Exchange Commission.
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