Nygard Ads Seek Truce in Bahamas Feud with Moore Capital's Baconby
Next-door neighbors' legal feud spans 10 years, three nations
Bacon claims Nygard falsely smeared him as killer, KKK member
After a decade of legal and public-relations battles in at least three countries, Canadian clothing manufacturer Peter Nygard says he wants peace with his hedge-fund billionaire neighbor, Louis Bacon.
The two men, who own adjoining properties in the wealthy Lyford Cay community in the Bahamas, have fought in local courts as well as those in London, New York and Los Angeles over disputes that include Nygard’s dredging to increase the size of his property and Bacon’s huge speakers to drown out noise from his neighbor’s parties. In the latest chapter, Bacon, the founder of Moore Capital Management, has also said that Nygard falsely labeled him a murderer, drug trafficker, inside trader and member of the Ku Klux Klan.
Nygard took out full-page ads in two Bahamian newspapers Monday to say the fight has gone on long enough.
"This is at least partially fueled by pride and a clash of egos," Nygard said in the ads. "Whether or not there are outcomes that could justify the enormous expense, this time and effort could be put to far better use."
Nygard proposed an end to the "bickering, fighting and suing" between the two men, citing a 12.8 percent Bahamian poverty rate, a stalled $3.5 billion casino-resort project and damage to the islands from Hurricane Joaquin.
"None of this is good for the image of the Bahamas, its tourist economy or its people," Nygard said of their disputes.
A spokesman for Bacon declined to comment on Nygard’s ads.
In the ads, Nygard said a settlement would include dismissal of all litigation between the two men, as well as contributions from both to fund summer camps and scholarship, education, sports and music programs for poor Bahamians.
Mission to Destroy
The public proposal follows the dismissal last month of Nygard’s $50 million claim that Bacon "terrorized, intimidated and corrupted native Bahamians and Bahamian government officials, and has made it his mission to destroy Mr. Nygard’s reputation."
Bacon denies the allegations. Nygard is appealing.
Nygard’s claims were filed in response to Bacon’s $100 million defamation suit against him in Manhattan state court. Bacon is supported by Stephen Feralio, a former videographer employed by Nygard, who said he created false anti-Bacon videos at the direction of his former boss.
Bacon also claimed in his suit that Nygard, the chairman and founder of clothing company Nygard International Ltd., "has intimidated Mr. Bacon and his family such that they can no longer return to the Bahamas for fear of bodily harm."
The judge overseeing the case ruled in July that most of Bacon’s claims were filed too late, allowing the case to go forward on only the 30 most recent of 135 allegedly defamatory statements.
Nygard denies the allegations. Bacon is appealing.
The case is Bacon v. Nygard, 154399/2015, New York State Supreme Court (Manhattan).