The Property Firm Fighting for Survival After 97% Stock Plunge
Opposition to €938 million financing deal could ‘kill’ the property group Adler lawyer tells court
Cevdet Caner knew what he wanted when he invited a group of prominent hedge fund managers to a townhouse in London’s wealthy Mayfair district in November 2021. To put the record straight. Repair his reputation. Just weeks earlier, the Austrian property mogul and Adler Group SA, a multi-billion dollar company he helped build, had been accused of fraud by an anonymous whistleblower and a short seller. The accusations meant that Caner needed something else from the assembled group: fresh funds after the firm’s Wall Street relationships dried up amid the claims, which both Caner and Adler deny.
He was asking some of London’s most savvy risk takers to take the other side of the short seller's bet.