When facing the possibility of prison, some hedge fund managers draw up elaborate contingency plans for that awful potential day. Marble Ridge Capital founder Dan Kamensky, who is on record acknowledging, “maybe I should go to jail” and who now may have to confront a formal evaluation of that assessment for allegedly seeking to screw over his fellow Nieman Marcus bondholders, who he represented as a member of that troubled retailer’s unsecured creditors committee, has chosen to dispense with that need.
“After much consideration, and in light of the operating environment, we have made the difficult decision to commence an orderly wind-down of the Marble Ridge funds,” the firm told clients in a letter seen by Reuters.
“Marble Ridge will manage the liquidation in the best interests of our investors and with the objective of protecting and enhancing the value of the funds’ assets….”
“While we understand that you may have questions, we are not able to comment on the contents of the report,” Kamensky wrote in Thursday’s letter.