Monday, 20 October 2014
Last updated 2 days ago
Dec 6 2012 | 9:17am ET
Embattled hedge fund manager Alphonse Fletcher will have to find new lawyers to continue his lawsuit against his apartment building.
The Fletcher Asset Management chief, who sued the famed Dakota Apartments last year, accusing it of routine discrimination against minorities, had been represented by two firms. But both asked to withdraw from the case in October, and on Friday a state court judge gave them what they wanted.
One of the firms, Kasowitz Benson Torres & Friedman, said Fletcher had stopped paying his bills in April. The other, Vladeck Waldman Elias & Engelhard, cited "irreconcilable differences" with their client.
A Fletcher hedge fund, Fletcher International, which was forced into bankruptcy earlier this year by three Louisiana pension funds, owes more than $2 million to law firms, including almost $300,000 to Kasowitz.
Justice Eileen Rakower gave Fletcher until Dec. 20 to hire a new lawyer, and ordered him to produce documents requested by the Dakota—already overdue—by Jan. 7.
Fletcher has lived in the famed building, the former home of the Beatles' John Lennon and the site of his murder, since 1992. He sued the co-op after it rejected his bid to buy an apartment adjacent to his own, after questioning both the financial strength of Fletcher himself and of his hedge fund.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...