EFTA00294815Set 9
2002-10-2832p9,752w
Credit Strategies, L.P. (the "HG
Fund"), Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage, L.P. (the "EL
Fund"; together with the HG Fund, the "HG Funds") and Bear Stearns ... strategies focused
on trading in esoteric structured finance securities, all utilizing a degree of leverage.
Epstein -- and hence FTC and COUQ -- were well aware of, and understood, the high
degree ... Funds were "speculative" and involved a high degree of risk;
• The Funds' use of leverage would have the effect of
magnifying losses as well as gains, as a result
https://www.justice.gov/epstein/files/DataSet%209/EFTA00294815.pdf
EFTA01118864Set 9
46p21,591w
Hypothetical Investor to the extent of its hedge
position.
3. INITIAL PAYMENT AND NOTIONAL LEVERAGE AMOUNT
1-Initial Payment
Amount: USD 5,000,000. Counterparty shall pay such amount ... Initial Payment Amount and deemed earned by
Citigroup on the Effective Date.
Notional Leverage
Amount: Initially, USD 9,700,000. Thereafter, such amount shall be
increased or decreased as provided ... resulting amount shall be
increased for each day as provided under Notional Leverage
Floating Atno unt.
Maximum Notional
Leverage Amount: USE) 15,000,000.
3
EFTA01118885
Notional Leverage
Floating Amount
https://www.justice.gov/epstein/files/DataSet%209/EFTA01118864.pdf
EFTA01397607Set 10
2018-03-3061p17,672w
fund managers at significantly lower investment minimums
than would be
required for a direct
leveraging our sourcing advantages and employing an ongoing "bottom-up"
diligence approach.
The Direct Investment Funds ... strategy
and marketing positioning, competitive landscape, discussion of poor
investments and lessons
learned. iCapital
leverages these meetings, the review of
the list
the managers' due diligence
questionnaire, and responses ... aims to identify
managers to evaluate
more closely. iCapital builds a peer group universe,
leveraging iCapital's entire sourcing
capability, to identify managers with strong performance track records,
including looking
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01397607.pdf
EFTA01396934Set 10
2018-03-3061p17,659w
fund managers at significantly lower investment minimums
than would be
required for a direct
leveraging our sourcing advantages and employing an ongoing "bottom-up"
diligence approach.
The Direct Investment Funds ... strategy
and marketing positioning, competitive landscape, discussion of poor
investments and lessons
learned. iCapital
leverages these meetings, the review of
the list
the managers' due diligence
questionnaire, and responses ... aims to identify
managers to evaluate
more closely. iCapital builds a peer group universe,
leveraging iCapital's entire sourcing
capability, to identify managers with strong performance track records,
including looking
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01396934.pdf
EFTA01398142Set 10
138p25,588w
There will be restrictions on transferring
interests in the Access Fund, investments may be leveraged and the investment
performance may be volatile. Before deciding to invest in the Access Fund ... indefinite
period
of time. They may be highly illiquid and can engage in leverage and other
speculative practices that may increase the volatility and risk of loss.
Alternative Investments typically ... limited to:
• Loss of all or a substantial portion ofthe investment due to leveraging,
short-selling, or other speculative practices;
• Lack of liquidity in that there may be no secondary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01398142.pdf
EFTA01429535Set 10
138p25,724w
There will be restrictions on transferring
interests in the Access Fund, investments may be leveraged and the investment
performance may be volatile. Before deciding to invest in the Access Fund ... indefinite
period
of time. They may be highly illiquid and can engage in leverage and other
speculative practices that may increase the volatility and risk of loss.
Alternative Investments typically ... limited to:
• Loss of all or a substantial portion ofthe investment due to leveraging,
short-selling, or other speculative practices;
• Lack of liquidity in that there may be no secondary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01429535.pdf
EFTA01442085Set 10
138p25,658w
There will be restrictions on transferring
interests in the Access Fund, investments may be leveraged and the investment
performance may be volatile. Before deciding to invest in the Access Fund ... indefinite
period
of time. They may be highly illiquid and can engage in leverage and other
speculative practices that may increase the volatility and risk of loss.
Alternative Investments typically ... limited to:
• Loss of all or a substantial portion ofthe investment due to leveraging,
short-selling, or other speculative practices;
• Lack of liquidity in that there may be no secondary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01442085.pdf
EFTA01439302Set 10
138p25,724w
There will be restrictions on transferring
interests in the Access Fund, investments may be leveraged and the investment
performance may be volatile. Before deciding to invest in the Access Fund ... indefinite
period
of time. They may be highly illiquid and can engage in leverage and other
speculative practices that may increase the volatility and risk of loss.
Alternative Investments typically ... limited to:
• Loss of all or a substantial portion ofthe investment due to leveraging,
short-selling, or other speculative practices;
• Lack of liquidity in that there may be no secondary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01439302.pdf
EFTA01415820Set 10
2017-10-31222p30,137w
growth. As such, we see at least 15%
EFTA01415823
upside in shares as CP leverages its reduced cost base, improved service
levels,
and recent capacity investments to retake market share ... growth over the next two years, reflecting
midsingle
digit revenue growth, significant operating leverage, and accelerated share
repurchase. Against this backdrop we see CP's relative valuation discount as
unsustainable ... believe CP is well positioned to regain market share from CNI as it leverages
its lowered cost base, improved service levels, and recent capacity
investments
to retake market share
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf
EFTA00796858Set 9
16p5,853w
role in the day-to-day management of the Underlying Seed Funds.
Use of Leverage by the Fund — The Fund may borrow money or use leverage for a variety ... acquiring new investments (including prior to the Fund's Initial Closing or
Final Closing), leveraging existing investments to permit distributions or additional investments, facilitating the Fund's hedging activities, meeting ... Underlying Seed Funds, and
bridging fundings for investments in advance of capital calls. The leverage used by the Fund may take the form of indebtedness for borrowed money. which
https://www.justice.gov/epstein/files/DataSet%209/EFTA00796858.pdf
Collateral Obligations.
In addition to default frequency. recovery• rate and market price volatility. Leveraged Loans may experience
volatility in the spread that is paid on such Leveraged Loans. Such spreads ... factors,
including, but not limited to. the level of supply and demand in the Leveraged Loan market, general economic
conditions, levels of relative liquidity for Leveraged Loans, the actual ... perceived level of credit risk in the
Leveraged Loan market, regulatory changes, changes in credit ratings and the methodology used by credit rating
agencies in assigning credit ratings, and such
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01365548.pdf
EFTA00314334Set 9
93p50,036w
notwithstanding their
otherwise tax-exempt nature, depending upon the use of margin
or other leverage by the Partnership or by such investors. As a
general principle, an investment ... combined with a typically
high fee structure require that traditional hedge funds use excessive leverage in order to meet investors'
return expectations. As a result, the Manager has concluded that ... excessive margin to increase its purchasing power. However, the Partnership
may use non-recourse leverage on specific investments and it may use margin as required to collateralize
short sales.
Special
https://www.justice.gov/epstein/files/DataSet%209/EFTA00314334.pdf
EFTA00300912Set 9
2015-10-0953p36,563w
through. but also the
the with a handful deal lost by a lot.
leverage."
outperforming.
What I learned was that
Those are companies people like making money, but
like Google ... four or five-
loss? But, that's what we're takes the money. times leverage now, and I
reading now. always wonder. "How do they
That's what IN dealing ... table it. In all related guy. you're out of trader where leverage was a
my years doing this business, business. Things are bad in bad thing. You could
https://www.justice.gov/epstein/files/DataSet%209/EFTA00300912.pdf
EFTA00623358Set 9
2016-02-0334p13,192w
status, the variability of our revenues, net income and cash flow, ow use of leverage to finance our
businesses and investments by our funds and litigation risks, among others ... Mubadala GE. Capital (51.6 billion); fee-generating capital
advised by Apollo (51.5 billion): net leverage increase ($763 million); and deployment ($1.3 billion): and managed accounts ($427 million) Outflows: Nor
Credit ... managed accounts (5681 million) Otuflowa: Net segment transfers ($559 Credit leverage decrease (577 million); net decrease of Athene assets ($495 million):
million); net decrease ofAihene assets ($495 million); and redemptions
https://www.justice.gov/epstein/files/DataSet%209/EFTA00623358.pdf
management time committed to defending any such action
could be substantial.
General Risks of Leverage
The Partnership expects to use leverage from time to time by borrowing on margin, investing ... futures and options, entering into swaps and other derivative contracts and other leveraging strategies.
Such leverage increases the risk of loss and volatility. In addition, using leverage requires the Partnership ... would not realize. In addition, the financing
charges that the Partnership pays to employ leverage, which will fluctuate, will have a significant effect on
the Partnership's profitability.
These risks
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01386188.pdf