Long, strange saga of Eaglehill Advisors comes to a close, The problem with stapled deals and how to handle them
Hey, hey, hey, how are ya? Well, that’s good to hear!
It’s Friday, and what a week it’s been. What have you been up to?
As one of my favorite people in the industry quipped over email a few days ago: How goes the great merger?! Instead of reporting the news, you ARE the news!
Dear Reader, there’s so much news today I don’t know where to start. One quick thing — please say hello to our new reporter, Justin Mitchell, who joins us to cover the family office universe. He put up his first story about ex-Parkwood exec Chaya Slain joining new family office AdCap Management. Reach Justin at firstname.lastname@example.org news n’ notes or just to say hi!
How about some early morning Drama to go with your coffee ‘n’ bagel:
Bust: Abraaj Chief Executive Arif Naqvi was arrested in the U.K. this week, and Managing Partner Mustafa Abdel-Wadood was arrested in NYC Thursday, for alleged fraud related to the collapse of Abraaj last year after investors raised concerns about potential misappropriation of funds in the firm’s $1 billion global healthcare fund, Reutersis reporting.
From Reuters: In brief indictments unsealed on Thursday, prosecutors claimed that from about 2014 until the collapse, Naqvi and Abdel-Wadood lied about the performance of Abraaj’s funds, inflating their value by more than $500 million.
Prosecutors also said that Naqvi and Abdel-Wadood caused “at least hundreds of millions” of investor funds to be misappropriated, either to disguise liquidity shortfalls or for their personal benefit or that of their associates.
SEC filed related civil charges against the two on Thursday.
And more drama …
The long, strange saga of Eaglehill Advisors has come to an end.
SUBSCRIBE to get the Wire in your inbox every morning. It’s free.