Tuesday, 23 September 2014
Last updated 8 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to smaller private companies with “strong collateral positions,” approved its withdrawal request last spring, but then rescinded all redemption requests when the credit crisis began battering the $650 million fund, the New York Post repots.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.
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…
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