Ex-hedge fund managers Besser hope the subsequent choose he sees would not assume he is a thief and a liar
The last time we checked in at Dan Kamensky’s, he asked his bank “not to put me in jail” for allegedly bullying that bank into not bidding for what he wanted that would have been very good for the neiman Marcus’ committee of creditors, where he served, shut down that hedge fund – Marble Ridge Capital – and put that hedge fund in the awkward position of arguing that it didn’t really hurt the bankrupt retailer, and oh yes, of getting arrested and sued by the SEC. How much worse can it get for the disgraced hedge fund manager? Much worse, actually.
US bankruptcy judge David Jones…. called Kamensky a “thief” and a “liar” who tried to steal Neiman Marcus from other creditors, “not out of need, but out of sheer greed …”.
“I don’t think you’re a nice person. And I would like to treat you the way you treated other people, but I would tarnish my oath, ”Jones said.
This is apparently a judge saying for, “I am more than halfway determined to overturn this $ 1.4 million deal and not make things easier for you.”
Judge Jones said Kamensky harmed Neiman Marcus ‘bankruptcy proceedings and that his conduct undermined unsecured creditors’ committees, tarnished the trustees who appointed him, and accepted a case believed to have been a model for reorganization and a discussion over wrongdoing.
“The damage in this case is not measured in fees, but it will take a long time to repair,” said Jones.
So much for no real harm. However, Kamensky took the tongue whip quietly. The next time he’s in a courtroom, virtual or otherwise, he’ll likely have to say a word or two that is, things haven’t stopped getting worse for him.
Kamensky is charged with fraud and extortion by the FBI and the US Attorney’s Office for the Southern Borough of New York while serving as co-chair of the unsecured committee of creditors in the Chapter 11 bankruptcy of Neiman Marcus.
In September he was also charged with securities fraud by the Securities and Exchange Commission’s Enforcement Department.
Nieman Marcus bankruptcy judge Judge David Jones calls the hedge fund manager a thief and a liar [Dallas Morning News]