Originally published by Institutional Investor Securities Blog.
New York State Supreme Court Justice Jeffrey K. Oing says that he is temporarily stopping Meredith Whitney’s American Revival Fund from making investor payouts until there is a hearing about the securities lawsuit filed against the fund by BlueCrest Capital Opportunities Ltd. The plaintiff, a BlueCrest Capital Management affiliates, contends that Whitney’s fund did not honor its request to give back its now $46 million investment.
BlueCrest Capital Management, owned by billionaire Michael Platt, is Whitney’s largest investor. Now, its affiliate wants its stake back in the American Revival Fund. BlueCrest Capital Opportunities Ltd. filed its lawsuit in Bermuda at the end of last year. It was Platt who helped Whitney start her firm, Kenbelle Capital.
According to data gathered by Bloomerg.com, 2014 saw institutional investors getting involved in hedge funds and the largest players, with the funds on average returning approximately 2% over the first 11 months. Whitney’s fund, however, was down for most of that time. Her CFO and co-founder left and BlueCrest sought to get out not long after investing. BlueCrest maintains that a Kenbelle executive accepted the redemption request at first but no payment was made at the expected date.
The institutional investor lawsuit contends that American Revival violated agreements and it wants not just its stake back, but also unspecified costs and additional relief.
Contact the SSEK Partners Group today.
Meredith Whitney Says Lawsuit Is an Attempt to Destroy Her Fund, Bloomberg, February 25, 2015
Meredith Whitney Is Reportedly Getting Sued By A Hedge Fund That Made A Big Bet On Her, Business Insider, December 24, 2014
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
from Texas Bar Today http://ift.tt/1B6vLJQ
via Abogado Aly Website
No comments:
Post a Comment