Bacon, Bahamas Neighbors Sue To Stop Development

Jul 11 2014 | 6:19am ET

Moore Capital Management founder Louis Bacon’s dispute with his Bahamas neighbor is going to court.

Bacon and more than 100 others—including actor Sean Connery, Robert F. Kennedy Jr. and former U.S. Treasury Secretary Nicholas Brady—have sued the Bahamian government over its alleged failure to properly supervise the construction of Canadian fashion mogul Peter Nygard’s home in the exclusive Lyford Cay area. The lawsuit alleges that Nygard is seeking to develop public property around his home and is causing environmental damage with renovations done without permits. And it alleges that the government allowed it to happen without transparency during a public consultation period.

The group, which includes local environmental organization Save the Bays, is demanding a judicial review of the process.

Nygard is rebuilding his 150,000-square-foot resort following a 2009 fire. He quickly rounded on his opponents—especially Bacon, with whom he has had a difficult relationship to say the least.

Nygard called Save the Bays “an organization that is the front for the very secretive Louis Bacon.”

"As Mr. Nygard's immediate neighbour in Lyford Cay, Mr. Bacon has orchestrated continual attacks on Mr. Nygard for many years," Nygard’s statement reads.

"Louis Bacon has always wanted Nygard Cay for himself and Mr. Nygard has never been interested in selling his home. Over 10 years ago, Louis Bacon told Mr. Nygard that he would 'get it one way or another.' Now Save The Bays is focusing on the re-building of a private home while publicly stating their issue is the government process. This tactic led by Louis Bacon is a complete farce and an improper manipulation of the public process to acquire Nygard Cay."

Nygard said he has been a “champion” of “preservation” for three decades, and that he “fully supports protecting the environment of the Bahamas.” He added that he has obtained all of the necessary permits and assessments necessary.

Four years ago, police raided Bacon’s home adjacent to Nygard’s property, seizing four loudspeakers apparently used to emit irritating soundwaves in its direction.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.