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

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR