Hedge Funds: Hedge Fund to Close Following Neiman Marcus Bankruptcy

Hedge Funds: Hedge Fund to Close Following Neiman Marcus Bankruptcy
Hedge fund Marble Ridge Capital plans to divest following questionable actions taken by managing partner Dan Kamensky. These actions were in relation to the Neiman Marcus bankruptcy. According to a statement by Marble Ridge, “After 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…Marble 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’ assets.”
According to sources such as Reuters, Kemensky admitted to making a “grave mistake” to the Department of Justice. This mistake involved pressuring a Jefferies employee not to bet on specified Neiman Marcus assets. Kamensky refused to comment.
According to a Marble Ridge investor, shutting down the firm’s hedge funds was the right decision.
Marble Ridge is a New York-based hedge fund. It was founded in 2015 by Kramensky and had $1.2 billion in assets under management as of December 2019.

Latest Alternative Investment News

FinTech: Pluto Inks Collaboration With Mastercard For B2B Payments In The UAE
Pluto, a prominent provider of financial corporate spend management solutions in the UAE, has forged a strategic alliance with Mastercard (NYSE: MA), the global technology giant in the payments sector….

Alternative Investments/Real Estate: Alternative Investing Platform Yieldstreet Acquires Real-Estate Focused Cadre
Yieldstreet, a prominent private market investment platform, has officially announced its acquisition of Cadre, an online real estate-focused investment platform catering to institutional and high net worth investors. This strategic…

Venture Capital: Rocket Propulsion Startup Ursa Major Lands $138M
Ursa Major Technologies recently closed its Series D and D-1 funding rounds, securing a substantial $138 million investment led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures,…

Artificial Intelligence: Saudi Venture Fund Forced To Sell Shares In Altman-Backed Chip Startup Rain AI
The Biden administration has compelled Saudi Aramco (TADAWUL: 2222)-backed venture capital firm, Prosperity7, to divest its shares from Rain Neuromorphics, a Silicon Valley AI chip startup supported by Sam Altman,…