Mark Vandevelde

Hundreds affected as one of biggest US landlords calls time on long period of pandemic forbearance

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

Alameda Research is seeking to claw back hundreds of millions of dollars paid to individuals and firms, including former UK chancellor George Osborne’s venture capital vehicle, in connection with a deal struck by Sam Bankman-Fried shortly before his FTX cryptocurrency empire entered bankruptcy last year. Alameda, which is now being run by restructuring expert John Ray, alleged that Bankman-Fried and other insiders misappropriated FTX money to pay for the acquisition of Embed Financial, a start-…

City grandee Mervyn Davies received $40mn last year as LetterOne’s non-executive chair, enjoying a sharp increase in pay as the firm’s sanction-hit Russian founders had to relinquish control, according to documents seen by the Financial Times. The two separate payouts, which covered Davies’ work for 2021 and 2022, exceed those received in the years before the war in Ukraine, according to two people familiar with the company’s affairs and a review of accounts filed in Luxembourg. Davies, a forme…

Apollo co-founder files complaint against Wigdor for ‘malicious prosecution’ of civil claim

Pension fund says windfall for private equity titans is unjustified

A wrought-iron door guards the address near Central Park where Guzel Ganieva lives on the upper floors of a townhouse dating from the Gilded Age. On a winter morning two years ago, the doorman stationed there took a hard look at two uninvited guests. The visitors, a man and a woman, wore the thousand-yard stare that is the unofficial uniform of New York City police detectives. One of them flashed a badge, and the doorman let them inside. The visitors had prepared carefully. They knew how to rec…

Two buyout firms behind a soured 2021 software deal are trading allegations of incompetence and fraud, suing one another in duelling cases that have breached unwritten rules of the private equity industry. HIG Capital has filed a complaint against fellow middle-market specialist Audax Group, which sold telecoms software company Mobileum to HIG for $915mn in early 2022. The investment has proven disastrous. Mobileum in December failed to make an interest payment on a portion of $540mn in floati…

The US Federal Aviation Administration said it would investigate a fresh mishap involving a Boeing aircraft, after a piece of engine housing fell off a Southwest Airlines plane on Sunday morning. Footage posted on social media appears to show the 737-800 aircraft rolling down the runway at Denver International Airport as the right engine covering begins to disintegrate. “The crew reported the engine cowling fell off during take-off and struck the wing flap,” according to the FAA, which added t…

For decades the sleepy Long Island hamlet of Montauk and its beloved Lobster Deck resisted gentrification. Enter Wall Street heavyweight Marc Rowan