CALIFORNIA, United States, Monday September 29, 2014 – A longstanding verbal brawl between two billionaires over beachfront property in the Bahamas is picking up steam in the United States after its heated debut in a Bahamian court.
American billionaire hedge fund magnate Louis Bacon is embroiled in a blazing row with Canadian clothing mogul Peter Nygard, his neighbour in the Bahamas. So much so that he instructed an employee to burn down Nygard’s house, according to court papers filed in Los Angeles.
Bacon, the founder of New York hedge fund Moore Capital Management, was moved to torch Nygard’s estate five years ago after the clothing tycoon refused to sell him the prized parcel, court papers allege.
According to the lawsuit, which cites a conversation between employees of the two battling billionaires,
Bacon ordered an employee to “find a way to burn Mr Nygard’s ‘****ing house down.”
Although Nygard admits in court papers that “the cause of the fire is unknown,” two weeks after the conflagration, a Bacon representative said to a Nygard employee: “See what I told you,” court papers allege.
Nygard’s allegations are his first major legal thrusts in the US as the smouldering feud reignites on the mainland after burning through the Bahamian courts.
While the testy tycoons were firing off claims in a Bahamas court, Bacon installed four “large, military-grade” speakers at the property line and pointed them at Nygard’s bedroom nearby, blaring “ear-piercing noises” whose aim was “solely to annoy Mr Nygard and embarrass him in front of his guests,” court papers allege.
“There, that’s a message from Mr Bacon,” one of the hedge fund magnate’s assistants yelled after one punishing noise session, according to the suit. He then shouted: “Don’t **** with Louis,” court papers allege.
Earlier in the feud, Bacon accused Nygard of creating an environmental disaster by enlarging his estate with illegal sand dumps.
Nygard countered by alleging that Bacon was simply throwing a tantrum because of Nygard’s refusal to sell him the property.
In response to Nygard’s Los Angeles lawsuit, Bacon’s lawyers noted Nygard failed to deny many of Bacon’s charges alleging that Nygard orchestrated an elaborate campaign to smear Bacon as a racist in the eyes of Bahamians.
Bacon alleged in a New York lawsuit filed last month that Nygard, in July, paid dozens of protesters to march through the streets of Nassau carrying placards linking Bacon to the Ku Klux Klan.
The New York action also alleges that Nygard used his private jet to fly Nation of Islam leader Louis Farrakhan to the Bahamas where he spoke at a rally denouncing Bacon as a racist.