Hildene Capital Management, a New York-based asset management firm focused on distressed structured finance investments, has renewed its request that investors in US Capital Funding IV - a Trups CDO - oust StoneCastle Partners as collateral manager and appoint it instead.

In January Hildene highlighted that StoneCastle had breached various aspects of its collateral management agreement and accused the manager of acting for its own benefit - to the detriment of investors (see SCI issue 168). Hildene pledges that if appointed replacement collateral manager, management fees will - after reimbursing Hildene for its legal fees associated with this action - "be applied to pay certain legal fees incurred by noteholders currently fighting attempts to loot fund assets that support the repayment of debt held by US Cap IV".