Brawl of billionaires on a Bahamian island continues

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Bacon Turns Up Heat In Bahamian Clash
Oct 30 2014 | 10:11am ET

The already-bitter feud between Moore Capital Management’s Louis Bacon and a Bahamas neighbor is set to turn even uglier.

A federal court in New York has ordered a former videographer for Canadian fashion designer Peter Nygard to turn over more than 1,000 hours of footage that Bacon believes shows Nygard orchestrating a smear campaign against him. The videos carry titles including “Is Louis Bacon a Racist?” and “Is Louis Bacon a Murderer?”

In addition, Bacon this week offered new allegations in the Bahamas that Nygard sought to bribe island officials.

Bacon and Nygard have been fighting for years over Nygard’s compound in the Bahamas’ exclusive Lyford Cay neighborhood. The hedge-fund manager alleges that Nygard has nearly doubled the size of his property by illegally dredging and building sea walls, threatening the area’s ecosystem. He also alleges that Nygard is rebuilding his 150,000-square-foot home without necessary permits.

Nygard’s lawyers said that the legal battle over the videos is “nothing more than a thinly-veiled attempt” to block Nygard’s construction. They also called into question the new bribery evidence, saying it could “very well be fabricated” or “could have been brought about illegally.”
 
Hedgie billionaire sues fashion designer for $50M
1 Hour AgoReuters

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Billionaire hedge fund manager Louis Bacon has filed a $50 million defamation lawsuit against Canadian fashion designer Peter Nygård, escalating a long-running battle between the owners of neighboring properties in an exclusive gated community in the Bahamas.

A spokeswoman for Nygård called the latest allegations "completely without merit."

In a complaint made public on Friday, Bacon accused Nygård of orchestrating an "obsessive and malicious" smear campaign against him for 4-1/2 years.

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Amanda Gordon | Bloomberg | Getty Images
Moore Capital Management LP CEO Louis Bacon speaks to an attendee during the Dubin Breast Center Gala in New York, Dec. 12, 2011.
Bacon, the founder of Moore Capital Management LP in New York, said the campaign has included the use of doctored YouTube videos and organization of street rallies, and falsely linked him to arson, bribery, drug smuggling, the Ku Klux Klan and murder.

Nygård "caused these brazen lies to be published with actual malice and reckless disregard for the truth," Bacon said in the complaint, which is dated Jan. 14 and filed with a New York state court in Manhattan.

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Bacon opposes Nygård's effort to expand his property in Lyford Cay community on the west side of New Providence Island in the Bahamas.

Some environmental groups and residents have said the expansion may damage the surrounding ecosystem and beaches.

Nygård, a son of Finnish immigrants, is chairman of Winnipeg-based Nygård International.

"This action is simply the latest attempt by Mr. Bacon to deflect media attention away from his real agenda, which is to unseat the ruling political party in the Bahamas so that his own candidate can take power and block reconstruction of Mr. Nygård's residence," the designer's spokeswoman said.

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"This lawsuit is nothing more than yet another abuse of the judicial system by Mr. Bacon," she added.

Both men are also battling in a federal court in Manhattan, where Bacon has sought video evidence from a whistleblower to help him in pending environmental and defamation lawsuits in the Bahamas.

Bacon founded Moore Capital in 1989. He is worth $1.6 billion, according to Forbes magazine.

The cases are Bacon v Nygård et al, New York State Supreme Court, New York County, No. 150400/2015; and In re: Application of the Coalition to Protect Clifton Bay and Louis Bacon, U.S. District Court, Southern District of New York, No. 14-mc-00258.
 
Peter Nygard Faces Jail
After Spat With Hedge
Fund Founder Louis Bacon


The fashion executive has been battling a nonprofit backed by Bacon in the Bahamas.

November 20, 2019

LouisBacon_Bahamas.jpg

Louis Bacon (Amanda Gordon/Bloomberg)
Peter Nygard, the founder and chairman of Canadian fashion company Nygard International, is facing jail time in the Bahamas after a property spat involving hedge fund manager Louis Bacon took a new twist.

Nygard will be arrested upon returning to the Bahamas, where he and Save the Bays, a nonprofit backed by Bacon’s foundation, have long been battling in court, according to Fred Smith, an attorney with Callenders & Co. who represents the nonprofit. His contempt of court and alleged theft of confidential emails, between attorneys at Callenders, Bacon, and Save the Bays, have led to a court sentencing of 90 days in jail and a $150,000 fine, Smith said in a phone interview Wednesday.

Save the Bays, based in Freeport, Grand Bahama, seeks to protect the natural environment from unregulated development, according to spokesman Paco Nunez. While the nonprofit has fought with other developers, Nygard, who engaged in illegal dredging to benefit his property in the Bahamas, has been particularly aggressive, Nunez said in a phone interview Wednesday.

“It spiraled into our emails being stolen,” he said.

A phone call to Nygard at the company he founded was deferred to his assistant, who didn’t reply to an email seeking comment. Nygard’s press desk also didn’t reply to an email seeking comment. A spokesperson for Bacon and Moore Capital Management, the New York-based hedge fund firm he founded, declined to comment.

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[IIDeep Dive:Hedge Fund Manager Louis Bacon Scores a Win in Bahamas Property Spat]

According to Smith, Callenders’ confidential emails were used in a complaint that Nygard filed against Bacon in New York this year. The lawsuit alleges that Bacon is part of conspiracy making false and damaging statements about Nygard for more than a decade.

Beyond prison time and the fine, Nygard was ordered to stop using the confidential emails that “persons unknown” published and misappropriated in court proceedings in New York, according to a document from the Supreme Court in the Commonwealth of the Bahamas that’s dated November 15. Within the seven days following that date, Nygard must also write an apology giving “full and verifiable reasons for his non-appearance” in court, the judge ruled.

Once those seven days have passed, Nygard will have to pay a $5,000 fine for each day he continues to use the emails or fails to provide the required apology, according to the document. Nygard has claimed that he cannot travel to the Bahamas for health-related reasons, Smith said.

Save the Bays, where Bacon is a director, seems satisfied with the latest turn in the long-running legal battle.

“Justice has been done,” Nunez said. “Save the Bays is relieved with the way the courts have handled the matter.”

https://www.institutionalinvestor.c...fter Spat With Hedge Fund Founder Louis Bacon
 
Previously Delightful Neighborly Dispute Takes Inevitable Turn To The Dark And Gross (Deal Breaker)
Given the sheer breadth of the allegations variously lobbed at one another by retiring hedge fund manager Louis Bacon and his Bahamian neighbor, Canadian discount fashion mogul Peter Nygard, over the past decade-plus, it’s easy to the think there is hardly a crime or immorality alleged against one side or both left. After all, Bacon has accused Nygard of environmental degradation, defamation, a campaign of terror and physical violence, vandalism, breaking-and-entering, contempt of court, arson, buying off the Bahamian government and attempted murder, and Nygard has responded with allegations of Ku Klux Klan grand wizardry, deployment of military-grade speakers, narcotics dealing, insider-trading, weaponized journalism, arson, buying off the Bahamian government, attempted murder and actual murder.
 
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