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Collapsed hedge fund Columna sues Permira-backed former managers

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LONDON (Reuters) – The new managers of Columna Commodities Fund, a Luxembourg hedge fund which went into liquidation in early 2017, have said they are suing its former managers Alter Domus for $56 million in lost assets and fees.

Columna, launched in 2013, was a top-performing fund in a stable known as LFP I SICAV, managed by Luxembourg Fund Partners.

Alter Domus, a Luxembourg fund platform and administrator that has financial backing from private equity giant Permira, bought Luxembourg Fund Partners in December 2017, after Columna’s collapse, when LFP I SICAV’s assets under management totaled nearly 400 million euros ($450 million).

In a statement released earlier this week, the new directors said they had launched a claim to recover investment losses, management and performance fees from Alter Domus Management Company. LFP I SICAV’s assets under management now total around 80 million euros.

Columna made double-digit gains in 2014, 2015 and 2016 investing in a range of commodity products, according to information it sent its investors. But it then closed abruptly in December 2016 without returning any of its assets.

An Alter Domus spokesman said the firm was only aware of “significant issues” with Columna between 2013 and 2016 after buying Luxembourg Fund Partners.

The spokesman declined to comment on the legal claim.

In a previous email, he said Alter Domus was looking into the issues with Columna and had “engaged various external firms to assist with our investigation, the findings of which has led to the commencement of legal actions”. He declined to comment further on the legal actions, saying they were ongoing.

Permira declined to comment.

After being asked by Columna investors to help, asset recovery specialist David Mapley was one of three directors appointed to a new board of LFP I SICAV late last year and authorized by the Luxembourg regulator in February 2019 to take over management of the fund stable from Alter Domus.

Luxembourg’s financial regulator declined to comment on individual firms or court cases.

Reporting by Carolyn Cohn, Simon Jessop and Maiya Keidan; editing by David Evans

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Schwarzenegger defends 102-year-old being evicted

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Schwarzenegger defends 102-year-old being evicted

Arnold Schwarzenegger, the actor and former governor of California, on Sunday reportedly reached out to the 102-year-old Los Angeles woman being booted from her apartment where she lived for 30 years so the landlord’s daughter can move in.

Thelma Smith received a 90-day eviction notice for her month-to-month lease in early March and is now relying on friends and relatives who live on the East Coast to help her find a new place to live, The Los Angeles Times reported.

Schwarzenegger called the move “heartless” and said he’ll be reaching out to help her. He also issued a warning to landlords, saying: “You’ll hear from me, too.”

“Imagine doing this to a 102-year-old woman who gave back to the community her whole life,” the actor said onm Twitter.

The Los Angeles Rent Stabilization Ordinance says that landlords in the county can evict tenants to accommodate a relative, but they must start with the most recent resident. Smith, however, lives in unincorporated Ladera Heights where the laws are weaker. “They use this law to target long-term, low-paying tenants,” Larry Gross, the executive director for the Coalition for Economic Survival told The Times.

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In response to KCAL asking the landlord why they would evict a 102-year-old woman, they replied: “Would you take care of your child?”

Fox News’ Brie Stimson contributed to this report

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Olivia Jade knew parents Lori Loughlin, Mossimo Giannulli allegedly bribed her way into USC: report

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Olivia Jade knew parents Lori Loughlin, Mossimo Giannulli allegedly bribed her way into USC: report

Olivia Jade knew full well that her parents, Lori Loughlin and Mossimo Giannulli, participated in the college admissions scandal, a new report claims.

The 19-year-old YouTube starlet attended the University of Southern California (USC), and a source told Us Weekly that she knows exactly how she got admitted into the college.

“Olivia fully knew what her parents did to get her into USC, but didn’t think there was anything wrong with it,” the source alleged. “She didn’t get into any other California schools.”

OLIVIA JADE REPORTEDLY DISTANCES HERSELF FROM BOYFRIEND AMID COLLEGE ADMISSIONS SCANDAL

LORI LOUGHLIN’S HUSBAND MOSSIMO GIANNULLI NEVER ENROLLED IN USC, TOOK PARENTS’ TUITION MONEY

Giannulli and Loughlin were accused of paying $500,000 to admissions scam mastermind William “Rick” Singer to get Olivia Jade and sister Isabella recruited onto the USC crew team despite neither girl ever participating in rowing. The girls’ statuses at the college are currently on hold amid an internal investigation into the admissions scam.

LORI LOUGHLIN, MOSSIMO GIANNULLI DON’T LIKE BEING CALLED ‘CHEATERS’

Last week, insiders claimed that Olivia Jade — who allegedly didn’t even fill out her own application to USC — was desperate to get back into the university.

Loughlin, 54, and Giannulli, 55, pleaded not guilty to initial fraud charges and were hit with additional charges of conspiracy and money laundering. If convicted on all counts, they each face up to 40 years behind bars.

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Loughlin is said to be terrified at the thought of her daughters having to testify in court.

A lawyer for Loughlin did not immediately return Fox News’ request for comment.

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‘Game of Thrones’ critics petition Benioff and Weiss not to ruin ‘Star Wars’ franchise

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'Game of Thrones' critics petition Benioff and Weiss not to ruin 'Star Wars' franchise

Thousands of critics of “Game of Thrones’” just-ended, final season have signed petitions to keep its two showrunners from making the next “Star Wars” film as planned.

Petitioners are urging Disney to kick the pair off the upcoming project so that they won’t ruin that one, too.

“Putting the ‘Game of Thrones’ writers (David Benioff and D.B. Weiss) in charge of ‘Star Wars’ is not only a controversial decision but a mistake, plain and simple,” reads one petition, on Change.org, which had been signed by nearly 12,000 people by Saturday night.

‘GAME OF THRONES’ WRITERS REVEAL WHICH CHARACTER WAS INITIALLY GOING TO SURVIVE SERIES

Meanwhile, a similar petition on thepetitionsite.com was nearing its goal of 6,000 signatures.

FRUSTRATED ‘GAME OF THRONES’ FANS FLY BANNER IN THE SKY ABOVE SEATTLE

“Like many ‘Game Of Thrones’ fans, I was dismayed at how the last season was written – it felt rushed and sloppy,” that petition reads.

“But now I’m really worried because I just learned that the next Star Wars movie will be made by the same people.“

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Disney announced earlier this month that it will produce three more “Star Wars” films, which will reach theaters starting in 2022 — with Benioff and Weiss writing and producing.

This article originally appeared in the New York Post.

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