There was supposed to be a protest yesterday at Brigade Capital Management, a Manhattan hedge fund.
The teamsters, a group of union workers, had planned to protest Brigade, UBS, Barclays and the other creditors of YRC, a trucking company, in hopes of urging them to tender their bonds and cooperate with a debt to equity deal.
Without the debt swap, which would allow YRC to “erase” or side-pocket their debt and restructure, the trucking company apparently might be forced into Chapter 11. But with a debt swap, the bondholders will get a 95% stake in the company.
A protest at a hedge fund is a rare event and The Business Insider was on the scene at Brigade yesterday waiting to talk to the protesters, but they didn’t show.
A bunch of cops had been dispatched to the office at 399 Park Ave and for a while there was kind of a scene. Then they heard that the protest was cancelled.
Apparently the Teamsters postponed because Brigade and the other creditors are either cooperating or no longer hold YRC bonds, but the security detail at the Brigade office said they had heard of a different reason for the canceled protest.
“We were told the protest was actually scheduled for yesterday, Tuesday, but they postponed because of bitter cold,” the head of security told us.
“It was probably too cold for them again,” said security of the protestors.