In a traditional private equity fund, the fund managers will raise money from investors to establish a pool of capital the fund can then use to
An investment fund (the Lerner Fund) controlled by Randy Lerner, the owner of the Cleveland Browns, recently obtained a court order for the return of the remainder of its $40 million seed investment in a hedge fund (the Paige Fund) managed by Paige Capital Management LLC.
The U.S. Court of Appeals for the Second Circuit affirmed the U.S. Bankruptcy Court for the Southern District of New York’s dismissal of a complaint brought by Rosenman Family, LLC, an investor with Bernard L. Madoff Investment Securities LLC (BLMIS), against the trustee of BLMIS’s estate.
Given the overarching Madoff Ponzi scheme as well as other mini-Madoff schemes that surfaced in its wake, many have been following issues arising from the ability of a trustee to claw back transfers (either as preferential or as fraudulent transfers) from investors who redeemed their interests in a private investment fund or managed account that turned out to be a Ponzi scheme.
The Securities and Exchange Commission recently charged two California investment advisery firms, AGB Partners LLC and Palmyra Capital Advisors LLC, with engaging in improper short selling of securities in advance of their participation in a company's secondary offering, in violation of Rule 105 of Regulation M.
The Securities and Exchange Commission gave notice for public comment of an application by Gates Capital Partners (Gates) and Bear Creek, Inc. for exclusion from the definition of investment adviser under the Investment Advisers Act of 1940.