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Biotech / Medical : HEB, Hemispherx Biopharma (AMEX)NEW
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To: afrayem onigwecher who wrote (769)4/15/2003 11:20:37 AM
From: StockDung   of 857
 
TAUBMAN FIRM JOINS LANCER SUIT By CHRISTOPHER BYRON


April 15, 2003 -- An investment affiliate of imprisoned auction world magnate A. Alfred Taubman is among a new group of investors to sue Park Avenue's troubled Lancer Partners hedge fund and its top official Michael Lauer.
The Taubman suit, filed in Connecticut state court by the Taubman Long/Short Strategies LLC investment fund, says the real estate billionaire was one of the earliest investors in the Lancer Partners hedge fund, putting $1 million into the fund in October 1996.

Taubman is now serving a one-year prison sentence for price rigging while chairman of the Sotheby's, Inc. auction house.

The suit alleges that the Taubman Long/Short Strategies Fund asked to be cashed out of the Lancer Partners fund entirely last September and was entitled under the investment agreement with Lancer to be refunded 95 percent of its investment by Jan. 15, 2003.

But Lancer has refused to return the money, the suit says. Two other funds in the Taubman Long/Short Strategies suit as co-plaintiffs make similar assertions.

"This brings to eight the number of suits that have been filed against the Lancer organization since last summer when redemption demands by shareholders began to escalate.

The Lancer group, which last September said it had $1 billion of assets under management, is suing The Post for defamation in several stories covering the matter.
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