Bloomberg reported The Carlyle Group is raising $3.5 billion for a new credit opportunities fund so it can backdoor companies by buying their debt for pennies on the dollar and foreclosing. Carlyle took over British carpet maker Brintons' and cookie retailer Mrs. Fields in such a manner.
Carlyle just tried to foreclose on Australian lender Pioneer Credit as their once amicable deal unraveled. Pioneer terminated its plan to join The Carlyle family. A handshake turned into a beating and the parties couldn't agree to walk away. That's the nature of a credit opportunities fund. Ask the Brintons' family.
