Centerbridge Accused of Vote-Buying Plot in SpeedCast Bankruptcy

Centerbridge Partners is improperly trying to buy creditor votes as part of a scheme to take over bankrupt satellite services provider SpeedCast International, according to a rival hedge fund.

SpeedCast President Joe Spytek sent a text message to company Chief Executive Peter Shaper in August saying Centerbridge had a “plan to buy the votes” of key creditors, according to a copy of the message displayed during a bankruptcy court hearing held on Monday. A lawyer for Centerbridge said the message was being misconstrued and simply referred to the normal give and take of negotiations.

U.S. Bankruptcy Judge Marvin Isgur ...