Wednesday, 25 November 2015
Last updated 1 hour ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…