Former Star

 


Former star financial analyst Meredith Whitney has finally resolved a nasty legal battle, but her hedge fund appears to have little money left.
Executives at BlueCrest Capital Management have dropped their suit against Whitney. The unnamed executives had been the largest backers of Kenbelle Capital.

BlueCrest asked for all its money back in October 2014 then $46 million citing poor investment performance. Whitney refused to return the capital, saying it went against an agreement to have the investment in place for at least two years.
The amount of capital still managed by Kenbelle is unclear.  It was also uncertain if any new money has put into the fund recently.

Whitney was named one of Time's 100 Most Influential People in 2009. 

Whitney is best known for her prediction as an Oppenheimer analyst of the subprime mortgage collapse and Citigroup's frailty before the financial crisis. Kenbelle was set up to build on Whitney's 2010 warning about an impending wave of municipal bond defaults and invest in stocks based on the "the new geography of U.S. prosperity,".
The fund suffered losses, however, declining approximately 11 percent, gross of fees, from January through the end of November in 2014, according to the BlueCrest complaint. Recent return information was not available.
 

Key staffers left late last year. Kenbelle's offices on the 35th floor of 444 Madison Ave. in New York are now on the market to rent.

Just a thought.