Lawsuits

  • Mike-tyson_532_1484772a

    News

    Live Nation Entertainment, Like Many Before It, Unclear What Mike Tyson Is Talking About

    Mike Tyson has sued SFX Financial Advisory Management Enterprises, saying that one of its advisors embezzled more than $300,000 from him and cost him millions of dollars in potential future earnings. The lawsuit claims that although SFX has returned some of the money, it is still well short of returning what it embezzled. Tyson is […]

    / Feb 22, 2013 at 4:11 PM
  • david-einhorn-on-phone

    Hedge Funds

    David Einhorn Sees A Lot Of His Nana In Apple

    “It is kind of like my grandma Roz. She wanted to hoard money. She would not leave me a message on my answering machine because she did not want to be charged for a phone call. It is really hard to convince somebody with that mindset to change what they’re doing. We have come up […]

    / Feb 7, 2013 at 4:58 PM
  • brian mulligan

    News

    Former Deutsche Bank Exec And LAPD Not Yet Seeing Eye To Eye On “Savage Beating” Incident

    According to the police, they found Brian Mulligan high on bath salts after “several” calls had been placed about a man in the area “trying to break into cars” that fit Mulligan’s description. He supposedly told them he was “tired,” which they say is why they drove him to a motel to get some shuteye. When he (allegedly) emerged hours later and started running through traffic despite officers’ orders to get out of the street, later assuming a “fight stance,” they decided it was necessary to deal with him in an aggressive manner. Didn’t want to, felt they owed it to him. According to Mulligan, this is what happened:

    / Feb 7, 2013 at 2:20 PM
  • I also prefer to talk with my last name displayed behind me in giant letters

    M&A

    Some Dell Shareholders Don’t Know Much About This LBO, But They Know They Don’t Like It

    The Dell deal documents are out and they are short of juicy details; we’ll have to wait for the proxy for details on things like just how much of a discount Michael Dell is taking on his shares or what exactly the terms of Microsoft’s loan are. There is, though, the information that that loan […]

    / Feb 6, 2013 at 7:00 PM
  • I see what you did there

    News

    AIG Pretended It Might Sue The Government To Distract Attention From Its Actually Suing The Government

    There’s a lot to choose from but I’m going to say that the very best thing about AIG’s pretending it might sue the government last week, and then not doing it, is that then it actually sued the government: American International Group Inc. filed a lawsuit against a Federal Reserve vehicle created during AIG’s bailout […]

    / Jan 14, 2013 at 10:25 AM
  • philfalconeharbinger

    News

    LightSquared Creditors Seek Permission To Go After Mrs. Phil Falcone’s Shoe Collection

    Remember Phil Falcone? Hedge fund manager about yea high? Cuts his hair like he’s still playing professional hockey? Is betting the farm on a company called LightSquared that “seeks to create connectivity for all” but in doing so might “cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation” and filed for Chapter 11 bankruptcy last May? Anyway, LightSquared’s creditors were in court today asking for the right to go after Big Phil/Harbinger, who they believe screwed them big time.

    / Jan 9, 2013 at 6:09 PM
  • where is my dog

    News

    AIG’s Directors Will Spend Tomorrow Pretending That They Might Sue The Government

    Is AIG going to sue the government for bailing it out? Hahaha no of course not, come on, that would be nuts. So what is this? The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government […]

    / Jan 8, 2013 at 10:27 AM
  • yaaay

    News

    Fannie Mae And Bank Of America Are Friends Again

    Who won the Bank of America / Fannie feud? I want the answer to be “all of us,” but I guess it isn’t. Unlike Bank of America’s multi-front battle of deviousness with MBIA, which has spawned some genuine entertainment, BofA’s battle with Fannie has been conducted almost entirely in the boring trenches of actually flinging […]

    / Jan 7, 2013 at 11:09 AM
  • News

    Should Banks Be Protected From Homeowner Lawsuits?

    Here’s a little nugget that should make the handful of remaining Wall Street Occupiers’ heads explode:

    / Dec 18, 2012 at 1:46 PM
  • netflix-ceo-reed-hastings

    News

    Netflix CEO Doesn’t See Why Anyone Would Care How Much Netflix People Watch

    It’s easy to make fun of the SEC for wanting to sue Netflix over a Facebook post. Netflix, Facebook, and the SEC are all a little funny, and bring them all together and you get a delightful orgy of hip-five-years-ago clumsiness. Also, like, olds, get over yourselves, everyone is on Facebook, why should I call […]

    / Dec 7, 2012 at 10:14 AM
  • Brady Dougan gives good rueful.

    News

    Credit Suisse Did The Same Bad Mortgage Things As Everyone Else

    This New York Attorney General lawsuit against Credit Suisse is mostly the same as all the other lawsuits by all the other regulators against all the other banks. Here is a summary, based on the complaint: Some mortgage originators made crappy loans, because that was the style at the time. They sold them to Credit […]

    / Nov 20, 2012 at 4:11 PM
  • That dog is not to be trifled with

    News

    Hank Greenberg Will Not Be Getting His $25 Billion Back This Week

    What’s good about the dismissal of Hank Greenberg’s AIG lawsuit today is that there’s all this roiling weirdness under the basic story of: The government seized AIG because it was garbage, AIG shareholder, ex-CEO, and general fanboy Hank Greenberg sued the government for destroying the valuable valuable value of his AIG stock, and he lost. […]

    / Nov 19, 2012 at 6:26 PM
  • Eh, I can live with this.

    News

    JPMorgan And Credit Suisse Put Mortgage Problems Behind Them For All Time

    The SEC settled cases today with JPMorgan and Credit Suisse over “misleading investors in offerings of residential mortgage-backed securities” for a total of about $400 million, which the SEC plans to hand out to those misled investors. There’s been a lot of this sort of thing recently, so here’s a quick cheat sheet on who […]

    / Nov 16, 2012 at 5:18 PM
  • christinemancision

    News

    Hotel Off The Hook For Hedge Fund Investor Relations Girl’s Dance Of Near Death

    Remember Christine Mancision? To recap, she’s the hedge fund investor relations lady who, back in October 2009, sued both the Hyatt Morristown and James Graeber, for an incident that took place on the evening of November 22, 2008, that incident being Graeber approaching her on the dance floor of his sister’s wedding, grabbing her arm, taking her for a spin, and then “flinging” her off to the side, causing Mancision to make a hard crash landing on her wrist, which was “bent the complete opposite way” when she stood up. Her injuries were so extensive that they required surgery, a metal plate and three screws (as well as “eight months of grueling rehabilitation”) and while she blames Graeber first and foremost, she also believes the Hyatt played a part in overserving the guy when he was, she says, “visibly intoxicated,” and therefore added “fuel to the fire” in Graeber’s dancing feet. Unfortunately for Mancision, Judge Robert Sweet has ruled that while she can go after Graeber for what happened that night, she cannot collect damages from the hotel, because there is not enough evidence to prove that the Hyatt served her dancing partner alcohol “when he was in a visibly intoxicated state” or that he was drunk at all at any point during the ceremony or reception, a conclusion he came to in part based on:

    The fact that only one person claims Graeber missed walking his mom down the aisle because he was out getting bombed and lost track of time.

    At her deposition, Mancision described how Henige told her that he had heard from Beley that Graeber was late to the wedding ceremony because he had been drinking and missed being able to walk his mother down the aisle. Graeber disputes any allegation that he was late or that one of his duties at the wedding was to walk his mother down the aisle…Mary Beley née Graeber, the bride, and Beley, the groom, have stated that Graeber was not late to the wedding.

    The fact that Graeber was not overheard asking Mancision, “May I dave this hance?” nor was he seen knocking over three bridesmaids in an attempt to catch the bouquet or shouting “NEXT!” 10 seconds into each speech.

    Mary Beley née Graeber, the bride, and Beley, the groom, have stated that…at not time during the proceedings was his speech slurred or was the smell of alcohol detected on his breath and he was neither rowdy nor noisy nor were his eyes red.

    The fact that Graeber was not sent to bed early by the hotel staff, unlike some people.

    Emir Kobak, the Director of Banquets at the Hyatt, testified that Hyatt bartenders are trained to alert the Banquet Captain if a guest is having too many drinks, and that all bartenders attend alcohol awareness training every six months. Banquet Captain’s Report reflects that Hyatt’s policy as to excessive drinking was enforced at the wedding reception, that a female guest was cut off from the bar (and given water and coffee and was escorted to her room) and that the servers were directed not to serve shots notwithstanding some guests were requesting them.

    Some other details from that fateful night the judge threw in for our benefit:

    The suggestion there may have been some foot fetishists among the guests.

    Following dinner, Mancision and Henige, along with a few of his co-workers, proceeded to the dance floor where they danced in a group for about 15-20 minutes. Mancision was wearing shoes which had a 3-3.25 inch heel, although at least one witness descried the shoes as tall 4.5 inch stiletto shoes which were so “stunning” that they were a topic of conversation among guests.

    This:

    Graeber testified that, after he had been on the dance floor for about two songs, he and Holn were approached by a group of five to six women, including Mancision, who indicated by gestures and non-verbal conduct that they wanted to dance with Graeber and Holn.

    Mancision v. Hyatt Hotel Corporation et al – Document 57 [Justia]
    Earlier: Hedge Fund Investor Relations Girl’s Dance Of Near Death Cautionary Tale For Us All

    / Nov 5, 2012 at 2:51 PM
  • dennys

    News

    Bank Of America Knows What You Did At Denny’s 14 Years Ago

    And it’s going to fire you without pay over them, realize they did so in error, not feel bad about it and tell you to shoot HR a cover letter and résumé if you’d like the opportunity to try and get your old job back.

    Paul Boudwin knows what we’re talking about.

    Boudwin’s ordeal began in July 2011, when the bank was reviewing its employment records to ensure it complied with new federal rules that, among other things, require a criminal background check for anyone who works at a mortgage originator. When he was hired by the bank in 2006, Boudwin disclosed what he says was a legal misunderstanding from his college days. He and his best friend ate breakfast at a Denny’s in Scottsdale, Ariz., near the Arizona State University campus. The place was a student hangout, and after they finished their meal, they mingled with other friends for a while. Each assumed the other had paid the check. When they left the restaurant an hour or so later, a manager confronted them outside, accused them of walking the check and called the police. They were arrested, paid a $50 fine and the $20 tab, tip included. The charge was later dismissed. “There was no intent for not paying for an omelet,” Boudwin said.

    When Bank of America’s review last year turned up the information about the omelet incident that Boudwin disclosed when he was hired, it set off a bureaucratic process impervious to reason. In a letter included in the lawsuit, the bank said the charge amounted to a “disqualifying conviction” under the law, which prohibits anyone convicted of an offense involving dishonesty or breach of trust from working at a financial institution. Boudwin submitted court records showing the charges were dismissed. Bank officials assured him the matter would be sorted out, and the bank even filed for a waiver from the Federal Deposit Insurance Corp. on his behalf, court records show. However, the bank said because of the new rules, Boudwin couldn’t continue to work during the six to nine months it might take to get the waiver. He was put on an unpaid leave of absence, and his Wharton trip was canceled. He was told he would receive his back pay and bonus when he was reinstated, he said. In late February of this year, his boss called. Boudwin thought his ordeal was over and the FDIC had granted the waiver. Instead, his boss told him he was being fired. The bank was tired of waiting, he said his boss told him. Two weeks later, the FDIC granted the waiver, but Bank of America refused to reinstate Boudwin to his old position. He was welcome to reapply, but his seniority, bonus and back pay would be lost.

    Unfortunately for Bank of America, Boudwin decided that appealing as that sounded, he’d prefer to win the money owed to him in court, and filed suit against BofA last week. Will his case set a precedent for financial service employees wrongfully fired over misunderstandings at Denny’s, IHOP, OHOP, and local diners everywhere? Stay tuned.

    Bank Lays Egg In Omelete Case [Chronicle]
    Paul Boudwin Fired By Bank Of America Over Denny’s Omelet Dispute [HP]

    / Oct 31, 2012 at 4:58 PM
  • I would be a sucker for deals named after adorable yet vicious dogs.

    News

    Timberwolf Continues To Stalk Goldman Sachs

    Financial product salespeople, if they know what’s good for them, should be thankful for car dealers. Not used car dealers, either, new car dealers: because of the world’s familiarity with their business model, if you sell a client a product at 100 and then tell them the next day that it’s worth 95, you have […]

    / Oct 22, 2012 at 4:22 PM
  • In bps, of course. Also those giant numbers in 2009 appear to be true?

    News

    Banks Being Sued For Systematically Manipulating Libor Up While Also Systematically Manipulating It Down

    A probably important and genuinely difficult question is: all that Libor stuff, did it affect your mortgage? Probably important in that in expectation (1) you have a mortgage and (2) honestly you don’t really care about what banks do otherwise1 so you need to know how mad to get at them. Genuinely difficult at least […]

    / Oct 15, 2012 at 4:50 PM
  • News

    Four Years After Shuttering Fund, Long Island Asset Manager/Hooters Franchise Owner/Frederick’s Of Hollywood Devotee Not Ready To Part With Investor Money Just Yet

    In 2008, Fursa Strategic Alternatives, an asset management firm run by Massapequa resident William F. Harley III, informed investors that it would be closing its doors and returning everyone’s money. As some money managers can likely attest though, making the decision to close up shop (and writing people to say as much), doesn’t mean you’re emotionally ready to do so. Harley, for example, couldn’t shake the feeling that he was put on this earth to be an investor and, god damn it, he was going to invest until the day he died. So he did what any rational human being in his position would, and decided to just, you know, hang on to his clients’ money for a while. Of course, the pesky little varmints kept calling, so he had to disconnect the phones and to avoid an awkward confrontation wherein they appeared at the firm’s building demanding their cash in person, he moved HQ into the basement of one of his other businesses, a Hooters restaurant. That got people off his tail for a while but, unfortunately, they popped up again and this time are taking legal action.

    The Claude Worthington Benedum Foundation filed the lawsuit last month in the Court of Common Pleas in Allegheny County, Pa. It has since been moved to federal court in the western district of Pennsylvania. The charity said in its lawsuit that William F. Harley III continued operating Fursa Strategic Alternatives from the basement of a Hooters restaurant on Long Island after saying in 2008 the fund would close and the charity’s money would be returned. Federal filings show Fursa in January was the largest investor in lingerie company Frederick’s of Hollywood Group. A spokesman for Harley said lawyers for the fund sought unsuccessfully to contact the charity last year. Harley could not be reached for comment at his home Wednesday…The lawsuit points to Fursa’s investment in Frederick’s of Hollywood as evidence the company continued operating instead of returning its money. Fursa Alternative Strategies owns 46 percent of Frederick’s, according to the company’s proxy statement.

    While a spokesman for Harley has not denied most of the allegations, he does take issue with claim that Fursa has any sort of legitimate set-up at any of his four Hooters, telling Newsday that he “occasionally has business meetings at them, but doesn’t run an office there.”

    Charity lawsuit accuses Massapequa man of mishandling $2M investment [Newsday]

    / Sep 27, 2012 at 2:18 PM

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