New York Post- Angry investors in an embattled $650 million Greenwich hedge moved last week to take control of the fund from Philip and Alan Milton, the brother investment team that had steered the fund through many years of fat returns before it hit trouble in 2007.
The move by the investors, Wood Creek Capital Management, Against the fund, Sagecrest II, is one rarely seen in the civilized and serene world of hedge funds but underscores the turbulent times and losses many funds have experienced recently.
Wood Creek claims it requested – and was granted – a $5 million withdrawal last spring but never received the funds.
