| Stark Investments of St. Francis was one of a group of foreign investors who are less than one cent for every dollar owed them by Asia Aluminum Holdings Ltd. in Hong Kong, according to a report on the Dow Jones Commodities News.|
The investors, including Bank of America, Merrill Lynch, struggling for months to save their money from Asia Aluminum Holdings Ltd, but lost their legal battle, the South China Morning Post reported Friday.
The paper said a Hong Kong court ruled Thursday that the Chinese company in the field of insolvency law has been stumbling, it could be sold back to its management team for U.S. $ 475 million.
Bank of America, Merrill Lynch and hedge fund Och-point Capital Management Group LLC and Stark Investments had invested $ 535 million in the economy, the South China Morning Post reported.
The paper said aluminum Asia more than 1 billion U.S. dollars of foreign and Chinese banks owed $ 350 million. The Chinese banks are almost completely repaid.
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