A battle over beachfront property in the Bahamas is heating up — and this time it's billionaire hedge fund mogul Louis Bacon who is getting sand kicked in his face.
Bacon, caught in a nasty spat with Canadian clothing magnate Peter Nygard, his neighbor in a tony Bahamas neighborhood, told an employee to find a way to burn down Nygard's house, according to explosive court papers filed in a Los Angeles courthouse.
The founder of New York hedge fund Moore Capital Management was moved to torch the extravagant estate five years ago after Nygard refused to sell him the prized parcel, court papers allege.
In a fit of pique, Bacon ordered an employee to "find a way to burn Mr. Nygard's '****ing house' down," according to the lawsuit, which cites a conversation between employees of the two testy tycoons.
The allegations by Nygard are his first major legal salvos in the US as the long-running feud spills onto domestic shores after burning through the Bahamian courts.
Earlier in the feud, Bacon accused Nygard of creating an environmental disaster by enlarging his extravagant estate with illegal sand dumps. Nygard countered by alleging that Bacon is simply throwing a tantrum because Nygard has long refused to sell him his prized parcel.
While Nygard admits in court papers "[t]he cause of the fire is unknown," a Bacon representative, two weeks after the flames were doused, said to one of Nygard's employees, "See what I told you," court papers allege.
While the two were firing off claims in a Bahamas court, Bacon installed four "large, military-grade" speakers at the property line and pointed them at Nygard's bedroom nearby, blaring "ear-piercing noises" whose aim was "solely to annoy Mr. Nygard and embarrass him in front of his guests," court papers allege.
"There, that's a message from Mr. Bacon," one of the hedge fund mogul's assistants yelled after one punishing noise session, according to the suit.
He then shouted: "Don't ** with Louis."
Responding to Nygard's Los Angeles legal salvo, California In a y rebuttal this week, however, Bacon's lawyers noted that amid leveling such accusations, Nygard failed to deny many of the sensational charges that were leveled against him in a lawsuit filed in New York last month.
Those include allegations that Nygard orchestrated an elaborate campaign to smear him as a racist before local residents in the Bahamas.
In July, for example, Bacon alleges that Nygard paid dozens of protesters to march through the streets of Nassau carrying signs that linked Bacon to the Ku Klux Klan.
Bacon also says Nygard used his private jet to fly Nation of Islam leader Louis Farrakhan to the Bahamas, where he spoke at a rally denouncing Bacon as a racist.
"Tellingly absent from their brief is any denial that Mr. Nygård was involved in the smear campaign or the unlawful destruction of the Bahamian environment."
At issue now is a trove of video footage that Bacon says will prove his allegations of Nygard's elaborate smear campaign.
Last week, Nygard sued to block the release of the video footage, taken by former employee Stephen Feralio.
Some of the videos, posted on YouTube, have titles like "Is Louis Bacon Racist?" and "Is Louis Bacon a Murderer?"
Another video edited Bacon's image into an ABC News report titled "The New KKK."
Nygard alleges that Feralio is looking to sell the footage to Bacon following a dispute over an incident this past February, in which, against Nygard's advice, Feralio attempted to film his company's Times Square headquarters.
Feralio got into trouble with law enforcement as a result, and got mad when Nygard refused to bail him out.
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