[1] The hedge fund invests primarily in the retail, media, telecommunications, healthcare, finance, utilities and energy sectors with particular expertise in distressed securities, bankruptcy and reorganization.
[2] Founded in 2006 by Patrick W. Kelly and Donald E. Morgan III, the firm is headquartered in New York City with offices in London, Tokyo and Sydney.
[6][7] In 2017, the hedge fund was allegedly defrauded by Craig Carton of WFAN (AM) along with co-conspirators Michael Wright and Joseph Meli, who reportedly ran a Ponzi scheme falsely claiming access to millions of dollars of concert tickets at face value through non-existent agreements with concert promoters.
Brigade “has unlawfully attempted to capitalize on the mistaken payment,” Citi said in the complaint, filed in New York federal court.
However, in the meantime, the lenders including Brigade are not free to do with the money as they please, according to the court, which said that a restraining order it put in place to freeze the funds when the litigation began should remain in force for the moment, pending further arguments.