Forbes – Three years ago Randy Lerner, the billionaire owner of the Cleveland Browns football team, invested $40 million in a new hedge fund based in New York. Lerner thought it was the right call. His investment, he later claimed, would attract others, and under the deal he would share in any fees. Besides, one of the fund managers had worked for Carl Icahn, another billionaire.
Today Lerner may wish he had asked for a booth review. He’s involved in a nasty lawsuit with the hedge fund, and his $40 million is untouchable, proving again that the best scouted plays don’t always work out in the investment world.
