Funds Stalk Yankee Stadium Parking by Buying Bonds

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June 13 (Bloomberg) -- Hedge funds specializing in distressed debt are buying municipal bonds backed by parking lots and garages at the new Yankee Stadium, which face a payment default as soon as next year, according to two people familiar with the purchases. The home of Major League Baseball’s New York Yankees opened in 2009 across from the original ballpark in the Bronx. So far, income from parking is short of projections and insufficient to cover bond payments. Bloomberg's Jonathan Keehner reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)

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