Tuesday, 30 September 2014
Last updated 3 hours ago
Jan 30 2012 | 2:04pm ET
New York hedge fund manager Donald Drapkin will get his last $16 million from former mentor and friend Ronald Perelman, a jury has ruled.
It took the Manhattan federal court jury just 90 minutes to decide that Perelman's MacAndrews & Forbes had violated its 2007 separation agreement with Drapkin, who had worked at the buyout house for two decades as vice chairman and in-house investment banker. Drapkin alleged that MacAndrews failed to make $16 million in payments as promised; the firm said it withheld the money because Drapkin himself had violated the deal by withholding documents and attempting to convince its life sciences head to leave the firm.
While much attention before the trial, which took just three days, focused on the soured friendship between Perelman and Drapkin and their increasing bitterness towards one another, the judge barred evidence about their relationship.
Drapkin's failure to have his secretary delete MacAndrews documents from his laptop were the primary focus of MacAndrews' defense against the lawsuit. But Drapkin's lawyer told the jury that the firm was simply looking for a reason to break its deal.
"These so-called material breaches were nothing more than phony excuses," he said.
MacAndrews executive Barry Schwartz said the firm was "disappointed" by the verdict and would "review all appropriate post-trial options."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...