Wednesday, 6 May 2015
Last updated 14 hours ago
Sep 5 2012 | 10:02am ET
The estranged wife of a Third Point executive has accused the hedge fund of conspiring to destroy Fairfax Financial Holdings, echoing allegations made by the Canadian insurer.
Elizabeth Bingham-Perry's explosive accusations come as part of her divorce from Jeffrey Perry, whom she married in 1989 but who filed for divorce two years ago. Bingham-Perry alleges that her husband began to hide his assets in "secret" Cayman Islands accounts in 2005 to keep them from her and the White Plains, N.Y., court where the divorce case is being heard.
But Bingham-Perry's suit also echoes many of the allegations Fairfax made against Third Point and Perry during the insurer's six-year-long campaign to prove that Third Point and other hedge funds conspired to drive down its stock price and engaged in insider-trading. Fairfax's claims against Third Point—and SAC Capital Advisors, Kynikos Associates and four other hedge funds—were dismissed, but word of Bingham-Perry's accusations come just days before Fairfax gets its day in New Jersey state court; the firm's case against Exis Capital Management and Morgan Keegan goes to trial on Monday.
According to Bingham-Perry, her husband's career has been "marked by repeated criminal activity" in his quest to amass his" $40 million fortune. Notably, she claims, Perry and his colleagues at Third Point conspired to destroy Fairfax, with Perry planting damaging stories in the New York Post—on Third Point founder Dan Loeb's orders—suggesting that Fairfax was "the next Enron" and alleging that Fairfax was propping up its "sagging balance sheet" with offshore deals.
If Bingham-Perry wins her suit, she could be entitled to damages under the Racketeer Influenced and Corrupt Organizations Act. SAC founder Steven Cohen's ex-wife also sought—unsuccessfully—to employ RICO in her case against him.
Perry's lawyer called the lawsuit "baseless" and noted it came just a few days after his client won custody of the couple's children in July. "I fully expect the case to be dismissed, on the merits," Philip Halperin told the Journal-News.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…