Lets all sing together
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Anyone else no much more than the below ? I'd like to know if there is, the second article is years old, sorry if this is old news to you but it's all I know. I thought if we posted what we know it could be interesting for those that don't.
Ms. Joy Victoria Seppala is a Founder, Chief Executive Officer, and Director at Sisu Capital Ltd. She also serves as a Manager at Huntsman Advanced Materials LLC. From 1995 to 1998, Ms. Seppala served as Worldwide Head of the Special Situations Investment Group at Paribas Corporation in London. Prior to joining Paribas Corporation in 1992 as a Vice President, she worked for a number of years in the mergers and acquisitions departments of Kidder Peabody & Co. Incorporated,
JOY SEPPALA, chief executive of Sisu Capital, does not look like “one of London’s most ballsy traders”. A smartly dressed 44-year-old Finnish-American blonde, she likes to describe herself as an investor.
But, according to rivals, appearances are deceptive. Seppala is a force to be reckoned with. “She has balls of steel,” said one.
Seppala has a reputation for playing hardball in the distressed-debt market — demanding that companies and administrators “stand and deliver” what she believes her investors are due.
From an anonymous building in London’s Mayfair, Seppala and her 15 staff run an $800m (£460m) hedge fund that specialises in investing in troubled companies. It looks for firms whose debts are undervalued and trading at a large discount to their face value.
Sisu is one of a number of hedge funds that, having taken over company debts, are refusing to play by the traditional rules. They are making waves — resorting to the courts and even threatening to bid for companies — to get what they believe is rightly theirs.
Administrators to bankrupt companies accuse the hedge funds of blackmail — holding out and refusing to agree to a deal until they secure a larger payout for themselves — at the expense of other creditors. With the rows often ending in costly long-running legal battles, many administrators, they admit, quietly concede to the demands. “It is like dealing with sharks,” said one.
In Finnish, sisu means “inner fortitude, inner strength, and guts”. In recent months Seppala, whose father came from Finland, has probably needed all the sisu she can muster.
A bitter and long-running battle with KPMG, the administrator to the power company TXU Europe, ended in a rare courtroom defeat for Sisu.
TXU Europe was one of the biggest-ever insolvencies in Britain — with a large number of creditors and different tranches of debt.
Seppala believed that the deal proposed by KPMG was unfair. The tranche of bonds Sisu held entitled her investors to a better deal, she argued. Seppala also believed that the administrator faced a conflict of interest.
But a High Court judge sided with KPMG. For Sisu, which prides itself on its due diligence and its thorough research, it was a big blow. Worse still, the judge criticised Seppala’s evidence.
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
Ms. Joy Victoria Seppala is a Founder, Chief Executive Officer, and Director at Sisu Capital Ltd. She also serves as a Manager at Huntsman Advanced Materials LLC. From 1995 to 1998, Ms. Seppala served as Worldwide Head of the Special Situations Investment Group at Paribas Corporation in London. Prior to joining Paribas Corporation in 1992 as a Vice President, she worked for a number of years in the mergers and acquisitions departments of Kidder Peabody & Co. Incorporated,
JOY SEPPALA, chief executive of Sisu Capital, does not look like “one of London’s most ballsy traders”. A smartly dressed 44-year-old Finnish-American blonde, she likes to describe herself as an investor.
But, according to rivals, appearances are deceptive. Seppala is a force to be reckoned with. “She has balls of steel,” said one.
Seppala has a reputation for playing hardball in the distressed-debt market — demanding that companies and administrators “stand and deliver” what she believes her investors are due.
From an anonymous building in London’s Mayfair, Seppala and her 15 staff run an $800m (£460m) hedge fund that specialises in investing in troubled companies. It looks for firms whose debts are undervalued and trading at a large discount to their face value.
Sisu is one of a number of hedge funds that, having taken over company debts, are refusing to play by the traditional rules. They are making waves — resorting to the courts and even threatening to bid for companies — to get what they believe is rightly theirs.
Administrators to bankrupt companies accuse the hedge funds of blackmail — holding out and refusing to agree to a deal until they secure a larger payout for themselves — at the expense of other creditors. With the rows often ending in costly long-running legal battles, many administrators, they admit, quietly concede to the demands. “It is like dealing with sharks,” said one.
In Finnish, sisu means “inner fortitude, inner strength, and guts”. In recent months Seppala, whose father came from Finland, has probably needed all the sisu she can muster.
A bitter and long-running battle with KPMG, the administrator to the power company TXU Europe, ended in a rare courtroom defeat for Sisu.
TXU Europe was one of the biggest-ever insolvencies in Britain — with a large number of creditors and different tranches of debt.
Seppala believed that the deal proposed by KPMG was unfair. The tranche of bonds Sisu held entitled her investors to a better deal, she argued. Seppala also believed that the administrator faced a conflict of interest.
But a High Court judge sided with KPMG. For Sisu, which prides itself on its due diligence and its thorough research, it was a big blow. Worse still, the judge criticised Seppala’s evidence.
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
