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Does anyone have money in Roger's Fund? If so, is there any progress on this lawsuit? Are all these lawsuits the reason he is moving to China? I keep hearing him do interviews but he never mentions whether Beeland is even operational anymore. Seems like he should come clean regarding where things stand.
NEW YORK, April 6 (Reuters) - Prominent investor Jim Rogers and his Beeland Management Co. face a new lawsuit over the transfer of assets to an unregulated unit of Refco Inc. , a futures and commodities broker that filed for bankruptcy protection, court papers show.
In a lawsuit filed this week with the U.S. District Court in Manhattan, Dynasty Invest Ltd. and the Sulam Trust, which are limited partners of the Rogers Raw Materials Fund LP, accused Rogers, Beeland and others of breaching their fiduciary duties to the fund.
Investor Jim Rogers faces new Refco lawsuit
NEW YORK, April 6 (Reuters) - Prominent investor Jim Rogers and his Beeland Management Co. face a new lawsuit over the transfer of assets to an unregulated unit of Refco Inc. , a futures and commodities broker that filed for bankruptcy protection, court papers show.
In a lawsuit filed this week with the U.S. District Court in Manhattan, Dynasty Invest Ltd. and the Sulam Trust, which are limited partners of the Rogers Raw Materials Fund LP, accused Rogers, Beeland and others of breaching their fiduciary duties to the fund.
Beeland is the general partner of the Rogers Raw Materials Fund. Rogers is Beeland's principal owner.
A call to a lawyer for Rogers and Beeland was not immediately returned. Refco filed for Chapter 11 protection from creditors last Oct. 17.
Dynasty and Sulam accused the defendants of allowing the transfer of well over 80 percent of the fund's assets to Refco Capital Markets Ltd. from segregated, regulated customer accounts at Man Financial Inc. and Harris N.A.
They said the assets are frozen and may be deemed part of Refco's bankruptcy estate, relegating the fund to a status as a Refco Capital Markets unsecured creditor.
Dynasty and Sulam said they had $26.4 million of investments in the fund as of Sept. 30, 2005. They are seeking to hold the defendants liable for losses at the fund, and to make the fund whole.
In January, two other investors sued Rogers and Beeland for breaching their fiduciary duties to the Rogers International Raw Materials Fund LP over the transfer of "hundreds of millions of dollars" of assets to Refco.
Last October, the two Rogers funds sued Refco for the immediate return of $362 million of assets. They said funds were improperly transferred to Refco Capital Markets from Refco LLC, a regulated unit.
Jim Rogers was a co-founder of the Quantum Fund with another well-known investor, George Soros. He later became the best-selling author of "Investment Biker" and "Adventure Capitalist," which chronicled his treks around the world on a motorcycle and a specially-built Mercedes. A call to a lawyer for Rogers and Beeland was not immediately returned. Refco filed for Chapter 11 protection from creditors last Oct. 17.
Dynasty and Sulam accused the defendants of allowing the transfer of well over 80 percent of the fund's assets to Refco Capital Markets Ltd. from segregated, regulated customer accounts at Man Financial Inc. and Harris N.A.
They said the assets are frozen and may be deemed part of Refco's bankruptcy estate, relegating the fund to a status as a Refco Capital Markets unsecured creditor.
Dynasty and Sulam said they had $26.4 million of investments in the fund as of Sept. 30, 2005. They are seeking to hold the defendants liable for losses at the fund, and to make the fund whole.
In January, two other investors sued Rogers and Beeland for breaching their fiduciary duties to the Rogers International Raw Materials Fund LP over the transfer of "hundreds of millions of dollars" of assets to Refco.
Last October, the two Rogers funds sued Refco for the immediate return of $362 million of assets. They said funds were improperly transferred to Refco Capital Markets from Refco LLC, a regulated unit.
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