Saturday, 20 December 2014
Last updated 17 hours ago
Jun 2 2008 | 11:11am ET
Wood Creek Capital Management has filed suit against a fellow hedge fund, aiming to take control of SageCrest II after its $5 million redemption request was blocked.
Wood Creek claims SageCrest, which describes itself as a credit opportunity fund offering loans to smaller private companies with “strong collateral positions,” approved its withdrawal request last spring, but then rescinded all redemption requests when the credit crisis began battering the $650 million fund, the New York Post repots.
Amid an avalanche of withdrawal demands, Philip and Alan Milton, the brothers who run SageCrest, offered to return some of New Haven, Conn.-based Wood Creek’s investment by selling a pair of profitable aircrafts. Instead, according to Wood Creek, the $80 million proceeds went to a senior collateralized debt holder, Deutsche Bank.
Greenwich, Conn.-based SageCrest has responded to the Wood Creek lawsuit by taking the redemption battle to the Delaware courts.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.