The group, Save the Bays, has been at odds with Nygard since 2013, when it accused the affordable-fashion designer of illegally expanding his Lyford Cay property — without obtaining permits — by dredging around it. Bacon then got a job on the floor of the New York Cotton Exchange, working as a "runner". The question is whether officials from the relevant Government agencies gave their prior approval of the dredging of the channel constructed as boat basin from beneath the house straight into the open Clifton Bay. Legal experts contend that this “after-the-fact” issuance of the permit, was not only suspicious, improper and illegal, but does not cure the criminal offence committed by Bacon under Bahamian laws which makes him liable to being sentenced to a term of imprisonment. [25][26], In June 2012, United States Secretary of Interior Ken Salazar and United States Fish and Wildlife Service Director Daniel M. Ashe announced Bacon intends to donate a conservation easement totaling approximately 90,000 acres in the Sangre de Cristo Mountains bordering the San Luis Valley in Colorado. FNM Leader of Government Business in the Senate at the time, Senator Dion Foulkes, admitted on the floor of the Senate that ha, supported by the FNM Administration, gave Bacon the permit after the fact in the attempt to make his activity legal. Thanks for contacting us. He attended Middlebury College in Vermont where he received his BA in American literature, graduating in 1979. His best friend is his brother Zack III, who works at Louis’ company, Moore Capital Management -- Moore was the maiden name of Louis’ mother who died in 1983. Louis Moore Bacon (born July 25, 1956) is an American investor, hedge fund manager, and philanthropist. This easement will provide the foundation for the proposed new Sangre de Cristo Conservation Area. His key conservation projects include: In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame. In late 2010, after Bacon’s property manager of his estate was found dead in the pool in what the public general held as suspicious circumstances, the illegal dredging of the channel and construction of what many called a “smuggler-type” boat basin as it was covered from the sight of the public, came to light. [2], Bacon was born in Raleigh, North Carolina on July 25, 1956. 2:56. He was given a job clerking at the specialist firm Walter N. Frank & Co during the summers of his college years. [9] In March 2010 Forbes Magazine estimated Bacon's net worth to be $1.5 billion and the 655th richest person in the world. This story has been shared 10,718 times. [20] Bacon also served as a fundraiser for Mitt Romney. The men have each denied the other’s claims. Nygard, who was sentenced in absentia, also faces a penalty of $5,000 for each day he fails to comply with the court’s order, despite claiming he’s too ill to travel. The Billionaire Battle in the Bahamas Peter Nygard is a hard-partying retail tycoon, whose estate is fit for a Mayan emperor. During the first three semesters, he lost money and was forced to borrow money from his father to pay for necessities. Your Ad Choices The bickering has been so prolific that it produced court actions from New York to London to Los Angeles, where a former Nygard employee was accused of stealing video footage for Bacon’s benefit. [6], After receiving his MBA, Bacon joined the sales and trading program at Bankers Trust. In addition to his work in Colorado, Bacon has helped preserve and protect environmentally sensitive land in New York, North Carolina, and the Bahamas. The then PLP Government Minister of Works, Bradley Roberts and Minister for the Environment, Dr. Marcus Bethel, acting on the professional advice of the experts in the BEST Commission and in accordance with the relevant statutes and regulations, refused to issue the Permit after the illegal works as they considered Bacon’s action to be arrogant and disrespectful to the law and regulatory processes. The Trinchera section of the ranch is currently protected by an easement administered by Colorado Open Lands. [8] In 2010, the Denver Post reported that his $1.6 billion ranked him as the 238th richest American. He turned a profit during his fourth semester. [4], In December 2013, he purchased Taos Ski Valley from the Blake family, who had owned it since 1954. [21] In 2015, Bacon donated $1 million to a Super PAC supporting the presidential candidacy of Jeb Bush. The new conservation easement Bacon intends to donate is to protect Blanca – thus protecting all 172,000 acres of land.[28]. Is Louis Bacon, the Hedge Fund kingpin, also the All Star quarterback of duplicity? [16], In 2002 Bacon obtained Austrian citizenship due to a special treatment for celebrities who have provided notable achievements for Austria. We've received your submission. Cow Neck Farm, Long Island, New York: Bacon’s Cow Neck Preserve, LLC purchased the farm in 1998 and donated a 540-acre conservation easement to the Peconic Land Trust, thus preventing development and ensuring the protection of the area’s habitat. They had four children together. 4,546, This story has been shared 1,348 times. Bacon’s $8.9 billion hedge fund, Moore Capital Management, will continue to manage money for its founder and his staffers, according to a Thursday letter to MCM investors. [11] Nygård and Bacon had been previously engaged in a protracted legal dispute over two adjacent properties they own in the Bahamas. [3] Bacon later worked as a broker and trader of financial futures at Shearson Lehman Brothers and eventually became the senior vice president for their futures trading division. MOMENTS IN HISTORY LOUIS BACON – A CHIP OFF THE OLD RACIST KKK MOORE BLOCK? [3] He subsequently received his MBA degree in finance at Columbia Business School in 1981. They thought to have him suffer the legal consequences, but were removed from office in the General Election of 2007 that took place a few months after the illegal works were brought to their attention. Louis Bacon, who’s almost as famous for feuding with Canadian fashion tycoon Peter Nygard as he is for running one of the world’s most successful hedge funds, is … It would appear that while Bacon is pushing a friendly environmental agenda through his clandestine political machine known as “Save the Bays” in The Bahamas, Bacon has perpetrated serious environmental breaches, contravening established environmental laws and regulations. His father, Zachary Bacon Jr., founded real estate company Bacon & Co. and later led Prudential Financial’s and Merrill Lynch’s real estate efforts in North Carolina. Election results map: All eyes on Georgia, Arizona, Nevada and Pennsylvania, Woman busts her cheating boyfriend after spotting clue in his selfie, College student with COVID-19 found dead in dorm room while quarantining, Kourtney Kardashian peddles COVID-19 mask conspiracy. However this decision is being criticized by certain people because there is no particular achievement known. In late 2010, after Bacon’s property manager of his estate was found dead in the pool in what the public general held as suspicious circumstances, the illegal dredging of the channel and construction of what many called a “smuggler-type” boat basin as it was covered from the sight of the public, came to light. Sitemap [27], Bacon owns the Trinchera Blanca Ranch located in the San Luis Valley. Bacon, who founded MCM with a $25,000 inheritance from his mother, said “intense competition for trading talent coupled with client pressure on fees” also played a role in his decision to stop managing money from outsiders. As if The New York Times doesn’t have enough problems... Post was not sent - check your email addresses! Louis’ grandfather was a historian and preservationist in North Carolina and Louis’ father, Zack Bacon, Jr., was a real estate executive in Raleigh. 1,348, © 2020 NYP Holdings, Inc. All Rights Reserved “This privatization of MCM’s macro funds will allow me more personal time for a large family, philanthropic pursuits and to continue to develop a number of sports-oriented properties — all with the flexibility to ‘stay in the picture’ or not,” he said. [34], Litigation involving the Wikimedia Foundation § Outcomes in favor of the plaintiffs, Litigation involving the Wikimedia Foundation, "Billionaire Louis Bacon battles to protect his ranch from big utilities' solar-power plans", "Louis Bacon Tries to Turn Around Taos Ski Valley", "Peter Nygard files RICO suit against billionaire Bahamas neighbour", "Meet cash king Louis Bacon: the richest hedge fund manager in London", "Weddings and celebrations - Gabrielle Sacconaghi, Louis Bacon", "Conservationist buys state's biggest ranch", "US billionaire wins high court order over Wikipedia 'defamation, "U.S. Law Protects Anonymous Speech, Not Billionaires", "Tory donor funds British marine reserve", "Million-Dollar Donors in the 2016 Presidential Race", "Board of Overseers: About: Louis Bacon '81", "Non profit news and comments - "Donor of the Day: Helping Protect the Hudson River."

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