Hedge Fund Seized Indian Tycoons' Jet. Their Yacht May Be Next
- Davidson Kempner says family-run Essar owes $200 million
- Essar director questioned in London court about assets
This article is for subscribers only.
First, Davidson Kempner Capital Management turned up the heat in its legal dispute with one of India’s wealthiest families by seizing a private jet. Now, the New York hedge fund has set its sights on something else many billionaires can’t live without: a luxury yacht.
Davidson Kempner affiliate Midtown Acquisitions is trying to force Essar Global Fund Ltd., an investment vehicle controlled by India’s Ruia family, to pay $200 million from a New York legal ruling. At a London hearing Tuesday, lawyers for the hedge fund questioned Nigel Bell, a director at Essar Global, about its assets.