US hedge fund CEO targets Canadian magnate Nygård in Bahamas row

Wed Aug 13, 2014 6:14pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Jonathan Stempel

NEW YORK Aug 13 (Reuters) - A billionaire hedge fund manager who has sued to stop Canadian fashion designer Peter Nygård from expanding his Bahamas estate has asked a U.S. court to help him obtain crucial evidence from a whistleblower to help with the litigation.

The unusual request by Louis Bacon, founder of Moore Capital Management LP, expands the clash that the 71-year-old Nygård already faces in the Bahamas.

Environmental groups and many residents there have contended that his property development in the exclusive, gated Lyford Cay community on the west side of New Providence Island may damage the surrounding ecosystem and beaches.

Richard Good, a lawyer for Nygård, declined immediate comment about Bacon's request, which was outlined in filings on Wednesday with the U.S. District Court in Manhattan.

Nygård, a son of Finnish immigrants, is chairman of Nygård International, which is based in Winnipeg, Manitoba.

Bacon, who said he lives next door to Nygård in the Bahamas, wants to obtain more than 1,000 hours of footage from Stephen Feralio, 28, a former personal videographer for Nygård.

According to the filings, Feralio approached Bacon in March with video evidence of his former boss's activities, but feared turning over the footage because Nygård might retaliate.

In a court filing, Feralio said this concern was based in part on published reports about Nygård by the Canadian Broadcasting Corp and Forbes magazine.   Continued...