Hedge Fund News: Louis Bacon, Chase Coleman & Third Point

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Louis Bacon and Peter Nygard Move Bahamas Feud to New York (NYTimes)
The hedge fund billionaire Louis M. Bacon has filed a lawsuit against the Canadian clothing magnate Peter Nygard, claiming a long history of character assassination and numerous environmental misdeeds related to Mr. Nygard’s large property in the Bahamas. The suit, filed jointly with an environmental organization based in the Bahamas, is the latest volley in a bitter spat between the two billionaires who have adjoining mansions in the exclusive enclave of Lyford Cay in the Bahamas and who have battled each other for years over Mr. Nygard’s building ambitions.


Failed hedge fund founder finds buyer for Carnegie Hill co-op (TheRealDeal)
The founder of collapsed hedge fund FX Concepts, John Read Taylor, has found a buyer for his Carnegie Hill co-op. Taylor put the unit on the market in September, after embarking on a two-and-a-half year renovation and residing in the apartment for just six months. The following month, FX Concepts filed for bankruptcy. The 4,030-square-foot co-op at 2 East 88th Street sold for $20.5 million to Frederick C. Benenson, according to city records filed last month. Benenson is the son of real estate developer and philanthropist Charles Benenson and executive vice president of Benenson Capital Partners.

Chase Coleman’s Tiger Global Picked Up A Stake In Netflix, Dumped Kate Spade (BusinessInsider)
Chase Coleman‘s Tiger Global Management sold off its entire stakes in Kate Spade & Co (NYSE:KATE) and Sodastream International Ltd (NASDAQ:SODA) and picked up a new stake in Netflix, Inc. (NASDAQ:NFLX). The fund also upped its stakes in Zillow Inc (NASDAQ:Z) and 3D Systems Corporation (NYSE:DDD), according to a government filing. Coleman was named 2011’s most profitable hedge fund amid volatile markets and economic turmoil, according to Bloomberg Markets Magazine. He is a protege of legendary hedge fund manager Julian Robertson.

Hedge Fund Picks Google Exec. For American Apparel Board (Finalternatives)
Hedge fund Standard General has completed the refashioning of American Apparel Inc (NYSEMKT:APP)’s board, appointing Google Inc (NASDAQ:GOOG) executive Laura Lee as its third nominee. Standard General agreed last month to provide $25 million in rescue financing to the struggling retailer. In exchange, it received the right to appoint three of the company’s seven directors—with input on two others. Standard General and American Apparel named the other six members of the board last month.

Harbinger Files Competing LightSquared Bankrutpcy Plan (Finalternatives)
In the wake of its latest reorganization plan, Harbinger Capital Partners’ wireless internet venture appears even further from exiting bankruptcy. LightSquared last week offered a new proposal that would leave Harbinger, which has invested nearly $2 billion in the company, with nothing. This week, Harbinger put forth its own plan that would split LightSquared in two, leaving the hedge fund in control of the smaller company. Another hedge fund, Mast Capital Management, may file its own competing reorganization plan ahead of an Oct. 20 hearing before U.S. Bankruptcy Judge Shelley Chapman…

Third Point’s Q2 13F filing (CNBC)

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