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Reuters - Hedge fund managers could play a key role in jump starting the ailing U.S. economy if Washington offers them appropriate tax breaks, a prominent hedge fund industry lawyer said on Tuesday.
Sitting on billions of dollars in cash, dozens of hedge funds are looking for investments at the same time cash- strapped small and mid-sized companies search for new money to help them stay in business.
Together these unlikely partners could find a way to escape a debilitating liquidity crisis that threatens to push the country further into its deepest financial crisis since the Great Depression, Perrie Weiner, a partner at law firm DLA Piper told Reuters in an interview.
"There is a way out, but the answer lies not with the current government rescue plan, but rather with hedge funds," Weiner, who advises dozens of hedge funds as international co-chair of DLA Piper’s Securities Litigation group said one day before speaking about the topic at an industry conference.
New York Daily News - A hedge-fund hottie who sued Vibe and Diddy after the mag published a topless picture of her at the music mogul’s Hamptons blowout has had her case tossed out.
Maria Dominguez, a money manager for a hedge fund, filed the $3 million invasion-of-privacy suit when a shot of her with two other bare-breasted sirens ran in the November 2006 issue of Vibe next to the caption, "Mermaids gone wild."
"When that picture came out, she wasn’t too happy about it, that’s for sure," said her lawyer, Albert Maimon. He would not identify the hedge fund for which Dominguez works.
Justice Doris Ling-Cohan threw out the suit, saying Dominguez couldn’t expect privacy once she doffed her top at Sean (Diddy) Combs’ star-studded 2003 East Hampton White Party.
"Sean Combs and his renowned annual White Party are subjects of tremendous public interest, attracting the steady attention of the public and many news organizations," Ling-Cohan wrote.
Reuters - U.S. private equity house Lone Star is seriously considering suing the South Korean government if it delays approval beyond September of the firm’s $6.3 billion sale of shares in a local bank, a newspaper reported on Friday.
English language daily The Korea Times said Lone Star was mulling a suit claiming losses from the government for delaying the sale of shares in Korea Exchange Bank.
Lone Star’s PR agency in Seoul declined to comment and a lawyer representing Lone Star was not available for immediate comment.
Last September, Lone Star LS.UL agreed to sell its 51 percent stake in KEB the country’s No. 6 lender, to UK-based HSBC for $6.3 billion.
But HSBC’s offer lapsed on July 31, with the government delaying approval of the KEB sale, citing legal uncertainties relating to Lone Star’s South Korean activities. The deal is still awaiting regulatory approval.
"Beleaguered with growing complaints from investors, Lone Star is considering returning its KEB shares in-kind to investors as one possible option, together with a block sale option," the Korea Times cited an unnamed source close to the deal as saying.
New York Post - The heat is getting turned up under Alan and Philip Milton, the brother team that runs Greenwich-based Windmill Management and its embattled SageCrest hedge funds.
A lawyer for an investor in the SageCrest II hedge fund is threatening to fight the Miltons’ Chapter 11 filing for the $500 million fund - claiming the duo made the court filing last Sunday night, in part, to head off the possible appointment of a forensic accountant to probe the fund’s books.
WoodCreek Capital, was due in court Aug. 18, the day after the Miltons filed to liquidate their funds, to seek a pre-emptive lien on some of SageCrest assets and access to inspect their books.
WoodCreek had filed a $5.8 million lawsuit against the Miltons’ fund claiming the duo had reneged on a promise to honor their withdrawal from the fund.
Reuters- Veteran U.S. lawyer Brendan Sullivan is joining the defense team of indicted former Bear Stearns hedge fund manager Ralph Cioffi, a person close to the matter said on Tuesday.
Sullivan, a trial attorney who has represented high-profile clients including Iran-Contra figure Oliver North, will be an addition to Cioffi’s existing defense team, said the person, who spoke on condition of anonymity.
Cioffi and another former Bear Stearns portfolio manager, Matthew Tannin, were charged in June with conspiracy and securities fraud related to last year’s collapse of two hedge funds linked to risky mortgage investments.
Bizjournals.com- A legal battle over the death of a Palm Beach County hedge fund manager is reportedly near a settlement.
The family of Seth Tobias has reached a settlement with his widow, Filomena Tobias, over a $25 million estate, said her lawyer, Jay Jacknin. A court hearing to approve a prospective settlement will be held at Palm Beach County courthouse at 8:30 a.m. Thursday.
"The parties have resolved their differences in the lawsuit amicably." Jacknin said in a phone interview Monday. "After the judge approves a settlement, we will read a joint statement that will say what we’ve agreed."