A judge may have thrown out her RICO claims, but she’s still got breach of fiduciary duty, and if she has to go through 20 more lawyers to make her case, so help that’s what she’s gonna do. Read more »
Those of you who keep close tabs on Texas hedge fund manager James Dondero know that he has been battling his ex-wife Becky Dondero over how much money he owes her for some time now. Complicating things slightly is a related suit/countersuit involving a former Highland Capital Management employee , Patrick Daughtery, who was sued by Dondero after he testified on behalf of Becky, claiming that over drinks, his boss told him he planned to “get his net worth down and pay her as little as possible.” In the suit, Dondero claimed that Daughtery made the story up to get back at Dondero/Highland for compensation that was never paid out, in addition to alleging that that Daugherty had suffered brain damage. Anyway, jury selection for the Dondero/Daughtery trial started yesterday, and the judge presiding over the case is not gonna lie: he’s looking forward to the juicy details. Read more »
And you want to know something else? Li Quan isn’t even sure her husband ever cared about the tigers in the first place! Did Quan herself use some of the funds earmarked for the animals taking herself out to dinner and order the most expensive bottle of wine on the menu? Yes, but that doesn’t change the fact that she felt deeply for those cats. Read more »
First, the back story: Martin Coward and Elena Ambrosiadou, currently in the process of getting divorced, were once partners in business and in marriage. They met at Cambridge, fell in love, and founded hedge fund group Ikos in 1992. Math nerd-cum-ladies man Coward was “the brains” behind the investment strategy and research, while Ambrosiadou, who holds a master’s degree in business, was named chief executive, ran operations and “was a key driver of growth.” In the beginning, things went prettay prettay prettay well.
Ikos is named after an ancient Greek word for “household.” Mr. Coward and Ms. Ambrosiadou embraced a strategy known as “quant” investing, which uses computers to drive investments based on complex mathematical models, rather than relying on individuals to pick stocks. The couple’s strong performance record attracted prominent investors, people familiar with the firm say. By 2007, they had moved the business to Cyprus, with assets peaking at around $3.4 billion.
Then things started to get tense when the two began disagreeing over how to run the firm, turf, and probably whose turn it was to take out the trash. Coward was having a lot of “me time” with one person “who knows them” noting that Marty, a licensed pilot with a penchant for windsurfing, “frequently went on vacation.” While he was on one of his vacays (this one was skiing the Alps), Ambro made the executive decision to fire one of her husband’s London-based research teams without letting him know first. And Coward did not like that! Read more »
A few months back Patricia Cohen, ex-wife of Steve, dropped the lawyer who initially helped her file a suit against the SAC founder, claiming he hid marital assets, had engaged in insider trading, and yada yada yada. Then in April, she filed a newer, even bolder suit. Previously, Patricia had requested around $300 million from her former husband. This time, she dreamed bigger. She wanted SAC Capital. A “substantial, if not controlling interest.” The PMs, the P&L analysts, the Silver Fox. They were all gonna be hers. And not just that, she’d take the embalmed pets too. And all the fleece jackets in the back. The vests too! Today, that dream has been stalled. Patricia’s second lawyer, Gaytri D. Kachroo, has informed a court she’s finished with this lady. We’re told GDK is saying she wasn’t paid, or paid as much as she was promised. There are also claims– by others– that Kachroo was actually fired. Whatevs! It’s all relative. Any takers for round three? Read more »
So you’re contemplating being on the giving or receiving end of some hot tips are you? Before you do so, may we make a suggestion? Obviously we’re not going to tell you to stop and think about the fact that it’s still currently frowned upon to trade on material non-public information. You’ve made your decision and we support that. What we are going to strongly suggest is that you consider a) NOT discussing your activities with your spouse or b) vow now, no matter how bad it gets, to stay married to this guy or girl, ’cause if you don’t he/she will throw it all back in your face in an attempt to get you nailed to the wall. Read more »
Kenneth Feinberg Making It Really Freaking Difficult For Wall Street Execs To Start Fresh With Their MistressesBy Bess Levin
While there has seemingly been an endless amount of bitching and moaning over Comp Cop Ken Feinberg’s infernal “views” on banker compensation, so far no one has actually been able to come up with a legit reason for why his freaky ass rules should be scrapped. Until now. Surely hearing that his pay structure is throwing a wrench in finance guys’ plans to leave their wives without rendering themselves penniless will be a wake-up call to K. Fein that all of this has too far, right? I mean, he’s got to listen to reason, DOESN’T HE? Read more »