Goldman Execs Sued Over Bad Hamptons Land Deal


Expect to read a lot of stories like this as Wall Street works through the wicked hangover of drunken years past:

Bloomberg: Goldman banker Milton Berlinski and telecommunications entrepreneur Michael Hirtenstein, who together invested $30 million in the land, are being sued by their partner in a dispute over dividing the 44-acre (17.8-hectare) parcel, according to a complaint filed yesterday in U.S. District Court for the Southern District of New York.

The managing partner of the property venture, Marc Stanley Goldman of Florida, alleges Berlinski and Hirtenstein refused to pay expenses for the business or let him redraw the boundaries between their lots to accommodate a storm-water drainage easement required by the Sagaponack Planning Board, according to the complaint.

We have no idea what’s going on here, but if everything were going swimminly on the underlying investment, we’d be surprised that a storm-water drainage easement would be such a big issue.