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Matt Levine

Citi Is Still Mad About That $500 Million

Also Greensill, Robinhood, Blockchain City, Monolithic Power Systems and copper theft.

Ahahaha this is adorable:

We talked about this case last month. Citi wired the Revlon lenders $900 million by mistake; some of them returned the money but others kept $500 million of it because they were in a dispute with Revlon (and Citi, the administrative agent on the loan) over a debt restructuring. Citi sued and, surprisingly, lost; the lenders have a legal right to keep the money. But Citi has a legal right to be in a snit about it and refused to let them into new debt deals.