{"id":51469,"date":"2020-08-21T21:25:00","date_gmt":"2020-08-21T18:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hedge-fund-to-close-after-grave-mistake-in-neiman-marcus-bankruptcy\/"},"modified":"2020-08-21T21:25:00","modified_gmt":"2020-08-21T18:25:00","slug":"hedge-fund-to-close-after-grave-mistake-in-neiman-marcus-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hedge-fund-to-close-after-grave-mistake-in-neiman-marcus-bankruptcy\/","title":{"rendered":"#Hedge fund to close after \u2018grave mistake\u2019 in Neiman Marcus bankruptcy"},"content":{"rendered":"

“#Hedge fund to close after \u2018grave mistake\u2019 in Neiman Marcus bankruptcy<\/strong>”<\/p>\n

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August 21, 2020 |<\/span> 2:25pm |<\/span> Updated August 21, 2020 | 2:42pm<\/span><\/p>\n

\n Distressed investment firm Marble Ridge Capital plans to wind down its funds after a government report called into question the actions of its managing partner, Dan Kamensky, during the Neiman Marcus Group bankruptcy, the firm said.<\/p>\n

\u201cAfter much consideration, and in light of the operating environment, we have made the difficult decision to commence an orderly wind-down of the Marble Ridge funds,\u201d the firm told clients in a letter seen by Reuters.<\/p>\n

\u201cMarble Ridge will manage the liquidation in the best interests of our investors and with the objective of protecting and enhancing the value of the funds\u2019 assets.\u201d<\/p>\n

Robert Siegfried, an external spokesman for Marble Ridge, declined to comment.<\/p>\n

Reuters and other media<\/a> reported Thursday that Kamensky admitted a \u201cgrave mistake\u201d to the Department of Justice\u2019s US Trustee division, which oversees bankruptcies, in interfering with a potential bid for certain assets of the luxury retailer.<\/p>\n

His actions, described as pressuring a Jefferies employee not to bid on certain Neiman assets, were publicly disclosed in a report from Henry Hobbs, acting US trustee for the Western and Southern districts of Texas, ahead of a scheduled hearing for a judge to consider Neiman\u2019s reorganization plan.<\/p>\n

\u201cWhile we understand that you may have questions, we are not able to comment on the contents of the report,\u201d Kamensky wrote in Thursday\u2019s letter.<\/p>\n

Marble Ridge, based in New York and founded in 2015 by Kamensky, a former partner at hedge fund firm Paulson & Co., had $1.2 billion in assets under management as of Dec. 31, a regulatory filing showed.<\/p>\n

A Marble Ridge investor told Reuters late Thursday that the firm shutting its hedge funds was the \u201cright and inevitable result\u201d of the events.<\/p>\n

\u201cSophisticated institutional firms don\u2019t behave the way Marble Ridge is described in the Trustee\u2019s report,\u201d the client said.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Hedge fund to close after \u2018grave mistake\u2019 in Neiman Marcus bankruptcy” August 21, 2020 | 2:25pm | Updated August 21, 2020 | 2:42pm Distressed investment firm Marble Ridge Capital plans to wind down its funds after a government report called into question the actions of its managing partner, Dan Kamensky, during the Neiman Marcus Group…<\/p>\n","protected":false},"author":1,"featured_media":51470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[56911],"class_list":["post-51469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-hedge-fund-to-close-after-grave-mistake-in-neiman-marcus-bankruptcy"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/51469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=51469"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/51469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/51470"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=51469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=51469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=51469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}