Wednesday, 27 August 2014
Last updated 11 hours ago
May 4 2012 | 11:35am ET
Bernard Madoff feeder fund mogul J. Ezra Merkin has paid more than $1.6 million fighting a $1.75 million arbitration award—but the double down busted yesterday when a New York appeals court rejected his bid to have that award junked.
A five-judge panel of the state Appellate Division upheld the award to Merkin investor Noel Wiederhorn, a 71-year-old retired pediatrician from New Jersey. Wiederhorn says he lost his $1.46 million nest egg in the Madoff Ponzi scheme after Merkin secretly invested his money with the fraudster.
The appeals court also rejected Merkin’s bid to force Wiederhorn to pay his legal costs, which he estimated at $1.6 million in June. Merkin is now on the hook for about $1.95 million to Wiederhorn, as the three-year-old arbitration award is subject to 9% interest.
Merkin can still fight the award, asking the Appellate Division to reconsider or appealing to the state’s highest court, the Court of Appeals.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...