Sunday, 26 April 2015
Last updated 2 days ago
Aug 13 2007 | 8:57am ET
Investors burned by the collapse of the Bayou Group can continue to try to recoup money from those who got out early, a federal judge has ruled.
U.S. Bankruptcy Judge Adlai Hardin denied a pretrial motion by more than 20 former Bayou clients who got out before the fund went under in 2005, when its principals pleaded guilty to fraud, to toss lawsuits filed by Bayou investors who weren’t so lucky. The decision allows those lawsuits, which seek to recover the money to allow a more equitable distribution of what’s left to all former Bayou clients, to move forward.
Hardin ruled that Bayou’s investors are creditors of the failed hedge fund, rather than equity holders. As such, bankruptcy laws protect them from other creditors receiving favorable treatment.
Bayou’s receivers say that they are seeking money from 110 investors who redeemed early.
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…