Crain’s Cleveland Business – “The hedge fund started up in 2007 with a dream of profiting from the woes of others, or distressed investing, as the pros call it,” The Journal blog reports. “Paige Capital says Lerner agreed to a ‘gating’ provision that means he can’t get his money out because it accounts for more than 20% of what’s in the fund.”
Hedge fund founder Michele Paige admitted in court last week that Mr. Lerner’s money actually is 99.9% of what’s in the fund.
