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August 22, 2006
Celebrities in Hedge Fund Row
Several stars barring Sylvester Stallone found themselves trapped in hedge fund collapses. He is among lucky investors who walked away unscathed. In 1997, the actor invested $2.5 million in a private investment partnership called Lipper Convertibles. Four years later, he cashed out. His fellow actor John Cusack and former New York City Mayor Ed Koch also registered huge profits. However, they are all being sued to give money back.
The entire matter has snowballed into a major controversy. According to their lawyers, Lipper never made all that money. In the recently filed lawsuits, the trustee, Richard Williamson charged the investors who made big money. He wants them to return more than $100 million, including $1.3 million plus interest from Mr. Stallone alone. Stallone and Cusack denied the charges and said that they did not harm fellow investors.
If you want to protect your hedge funds against market risk, read my previous post titled "Hedge Funds Offer Protection against Market Risk".
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