Wood Creek Seeks Control Over SageCrest

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to smaller private companies with “strong collateral positions,” approved its withdrawal request last spring, but then rescinded all redemption requests when the credit crisis began battering the $650 million fund, the New York Post repots.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.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR