A Texas-Size Feud for Sam Wyly

A lawsuit filed by the manager and co-chairman of one of his new hedge-fund ventures accuses the billionaire of business extortion

It was launched only last November, but already Dallas-based billionaire Sam Wyly's fledgling corporate-governance hedge fund is embroiled in litigation that could lead to its breakup. BusinessWeek Online has learned that in April, co-chairman of the fund and former Carl Icahn protege Russell D. Glass filed a lawsuit against the Wyly-controlled investment firm that had financially backed the entity, Ranger Partners.

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