Marble Ridge founder Daniel Kamensky faces 50 years in jail for allegedly pressuring a competitor to drop a bid for Neiman Marcus securities during its bankruptcy.
, Kamensky used the chat function in Bloomberg’s Terminal—a platform that allows finance professionals to analyze market data and trade securities in real time—to pressure a competing investment bank to withdraw its bid for Neiman Marcus’ MyTheresa securities, so he could purchase them at a lower price.$900 million at the time of the department store’s May bankruptcy, making it one of the most valuable pieces of the business.
Kamensky wanted to pay 20 cents per MyTheresa share, according to prosecutors, while his rival was going to bid between 30 and 40 cents. Kamensky allegedly threatened his rival to back off on their bid because of his co-chair position on Neiman Marcus’ committee of unsecured creditors, and said he would stop doing business with the bank if they went through with their bid.
In his effort to cover up his pressure campaign, Kamensky allegedly told an employee at the rival bank that “do you understand…I can go to jail?” and “this conversation never happened,” according to theKamensky was arrested Thursday, and he has yet to address the charges against him, which carry up to 50 years in prison.“In a conversation with an employee of the investment bank, Kamensky went as far as to say, ‘Maybe I should go to jail.
department store casualty of the coronavirus pandemic on May 7, when its owners filed for Chapter 11 bankruptcy.
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