Ritchie Capital Management, the struggling hedge fund run by former football player Thane Ritchie, is losing money. But that doesn’t mean investors who want the firm to stop losing their money can have it back:
WSJ: Investors once clamored to get into Ritchie Capital Management, a high-profile hedge fund. Now, some are scrambling to get out — and are finding the doors locked.
Following bad bets and big losses, A.R. Thane Ritchie has barred investors from leaving his fund, which is currently valued at $2 billion, down from almost $4 billion in 2005.
One group of investors has accused Mr. Ritchie of fraud and is suing to get their money back: the Huizenga family — kin of Wayne Huizenga, the former owner of the Miami Dolphins — which has $10 million tied up in the fund.
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