http://mmapayout.com/2010/09/bellator-investor-subject-of-fbi-investigation/Bellator Investor Subject of FBI Investigation
September 22, 2010
According to a report published by Fortune Magazine, Plainfield Asset Management (PAM) is the subject of a FBI investigation concerning allegations of fraud:
The Federal Bureau of Investigation is probing whether Plainfield Asset Management, a hedge fund that once had $5 billion in assets under management, committed fraud by overstating the value of some of its investments and charging management fees based on those inflated assets.
The firm was profiled by the magazine in January in a piece entitled: “The Fall of a Hedge-Fund Wunderkind”
Payout Perspective:
MMAPayout.com has confirmed PAM’s status as Bellator’s majority shareholder. According to an SEC filing on February 26, 2010, Plainfield Direct, an investment fund managed by PAM, holds a 51.6% majority stake in Bellator Sports Worldwide LLC. The common stock position represents an investment of roughly $2.25M. As of the date of the filing, Plainfield also held nearly $2.92M in senior debt.
In 2009 Bellator CEO and Founder Bjorn Rebney told MMAPayout.com that Bellator had met all of its capital requirements with the backing of “hedge funds,” but declined to provide any specifics.
Chris Carey of ShareSleuth.com contributed to this report.
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