Like a handful of other hedge funds in May, Highbridge Capital Corporation found itself the subject of widely-circulated press reports about its performance stemming from rumors that it may have been hurt when ratings agencies downgraded General Motors' debt to junk status. Wall Street wags whispered that Highbridge invested in some collateralized debt obligations, which might have included GM. .
Founders Glenn Dubin and Henry Swieca vigorously denied the rumors, sending a letter to investors saying they have no exposure to structured credit products, and outside sources dismissed the talk as silly. It appears that, like many of