MSN MoneyCentral – Mace Security International Inc. said Tuesday it has only received $1 million of a little more than $3.2 million owed it by a hedge fund managed by missing Florida money manager Arthur Nadel.
The Horsham, Pa., maker of personal defense and electronic security products said the Victory Fund Ltd. didn’t pay Mace the roughly $2.2 million it was due Jan. 15.
“We have already filed a report with the authorities, and we intend to take all possible legal action against the Victory Fund,” Dennis Raefield, Mace’s CEO and president, said in a statement. “Mace continues to have a solid balance sheet, cash in the bank and strong business fundamentals.”
