Hedge Fund Seeks To ‘Strip’ CDO, Citi Balks

" TPG Credit Management this month has offered to buy $470.8 million of bank trust preferred securities from seven CDOs for just 5 cents on the dollar. All it needs is the approval of the worst-off of the CDOs’ investors, the equity portion holders. Those equity holders, whose investments have all but been wiped out due to the credit crisis, have the power to decide which assets a CDO sells."