On Sunday, The Dallas Morning News ran a piece headlined "The last, frantic days of Perot family hedge fund," which detailed how Parkcentral Global Hub Ltd. -- described in the story as "a Bermuda-chartered fund run from Plano and Dallas by the Perot family" -- saw its assets dwindle from $2.5 billion to next to nothing last year. Turns out, the day after the story appeared, Southern Avenue Partners LP, which had invested in the fund, filed suit against the Perot family trust in Dallas federal court.
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Bloomberg News has the story, which says that Southern Avenue Partners is trying to turn its suit into a class action representing all outsiders who were allowed to invest in the fund, the remnants of which J.P. Morgan's been trying to get at since November in an unrelated lawsuit filed in New York. Says Southern Avenue Partner's complaint, "As a result of defendants' breach of fiduciary duty, the global fund imploded ... The global fund's net asset value went from over $2.5 billion to less than zero."