Late last year, hedge fund legend Louis Bacon hung up his Bloomberg terminal. Ostensibly, this decision was motivated by the “challenging business model” for multi-manager funds and also Bacon’s desire to spend more time giving money away, seeing his “large family” and continuing “to develop a number of sports oriented properties.” But we suspect it was to focus full-time on his decades-spanning feud with Canadian discount fashion mogul and Bahamian neighbor, Peter Nygard.
Well, in the wake of a couple of sexual assault lawsuits and investigations in no small part funded or inspired by Bacon, Nygard is also retiring, on account of the FBI raid on his Times Square offices. And now that he’s got so much free time on his hands, he’s also going to spend his every waking moment on the tiff. And since this is a fight primarily (although not exclusively!) duked out in the courts, what better way than by throwing a new allegation on the roaring litigious fire: that like The New York Times, the FBI is nothing more than a tool of Louis Bacon, something about which the alleged sometime owner of the Bahamian government might know?
His spokespeople have claimed the raid was the result of a “conspiracy planned by billionaire Louis Bacon” — with whom Nygard has been feuding for years over a shared driveway on their neighboring Bahamian estates…. Sales at Nygard’s companies are now down, and his resignation will be noted in the suit as it moves forward, his lawyer David Ross said.
Peter Nygard plans to sue rival Louis Bacon for NYPD-FBI raid that led to resignation [N.Y. Post]
FBI raids fashion mogul Peter Nygard’s NY office after he was accused of sex assault and sex trafficking [CNN]
Fashion Mogul Peter Nygard to Step Down Amid Federal Raids [NYT]