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Kyle Bass Made $34M On A Short. His Target Wants $1 Billion.

by businessinsider.com posted 2weeks ago 18 views
Summary List PlacementA Texas investor who accused a real-estate financing group of operating as a Ponzi scheme now faces a $1 billion lawsuit that is getting closer to trial. Kyle Bass, the principal of Hayman Capital Management, netted $34 million starting in 2015 by shorting shares of United Development Funding IV, a publicly traded real estate investment trust. Bass called UDF a "Ponzi scheme," and urged the FBI and the Securities and Exchange Commission to investigate the trust.

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