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By Paul Lashmar |
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May 11, 2003 |
Oops, I lost cash again, Britney Spears slips up as hedge fund collapses |
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Intro: |
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Pop star
Britney Spears and jailed former Sotheby's chairman Alfred Taubman
are among the investors who have lost money in a $800m (£500m) hedge
fund scandal.
An application was
made in the British Virgin Isles to place two parent companies of
Lancer Offshore Fund Group into administration last week. One of the
hedge fund group's investment partnerships, Lancer Partners, has
already filed for bankruptcy protection in Connecticut, citing
Spears and Taubman among 110 "Equity Security Holders". It is not
the first time the 22-year-old pop star has lost money on a
financial venture. Her New York restaurant, Nyla, filed for
bankruptcy two months ago owing thousands of dollars. It was open
for only five months |
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Excerpt: |
"Lancer
Offshore is believed to have liabilities of more than $370m and
assets of dubious real worth, which would make it one of the biggest
ever hedge fund collapses," said David Marchant of the Miami-based
Offshore Alert newsletter, which has been monitoring the fund. "Its
managing director, Bruce Cowen, was indicted last year in Florida
for securities fraud. One of its principal business partners, Joseph Giamanco, was banned for life by the American Stock Exchange in
2001. Another business partner, Abraham Salaman, was criminally
convicted in New York of conspiracy to commit securities fraud
involving the Mafia, and Lancer's principal, Michael Lauer, won't
show investors the fund's books." |
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