Per Teri Buhl. I don’t know these guys (principal is a David Bryson?) but the odds are pretty good that at least one of them must live on Round ’em Up Hill, don’t you think?
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Tagged as New Stream Capital
Ridgefield is an odd locale for any alleged HF…
Bryson is a co-founder and runs the place. They have a staff of about 30. Since a bunch of them are ex AIG or GE people the office is in Ridgefield – next to hedge fund Southridge who was recently raided by the feds. They’re great at spin -we looked into investing in them two years ago but didn’t think the quality of LTV was good on the RE deals. From what I hear the Burmuda fund investors are sitting pretty but the US investors, who are at the bottom of the waterfall, are likely to get a big zero. Criminal fraud might be hard to prove as this just might be a case of not very sharp managers who operate close to the edge.
It sounds like you were smart!
And it is a nice town, but yea, a weird place for a HF – maybe the talent pool is too inbred
I heard the problem is that a couple of years ago they told the US guys that they restructured the fund, signed new docs and all to make them equal to these Bermuda guys, took in hundreds of millions more from them to pay off the old guys – a la ponzi – but psyche! I guess those other guys didn’t agree, but no one told the US guys.
“Oh and we held off huge writeoffs to take more fees”
I remember a while back talking to a friends wife who was a big shot prosecutor down south about another fraud case also mixed in with not very smart guys also, and she said “hey, dumb guys go to jail too!”
This is the same hedge fund that did a loan to own on Veronica Hearst and forced her out of the Plam Beach mansion. If the FBI can prove securities fraud or lending abuse does that mean she’ll get a clawback?
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