Lynn Files Counter Claim on behalf of Neiman Marcus
LPCH founder, Mike Lynn, recently filed a counter claim on behalf of Neiman Marcus against Marble Ridge, a debtholder alleging a $1 billion fraudulent transfer as an illegal scheme to injure the Dallas-based luxury retailer and "extract improper benefits for itself."
The original lawsuit by Marble Ridge Capital claims Neiman Marcus illegally siphoned its $1 billion European e-commerce unit, MyTheresa, to its parent company in a transaction that was strategically planned to benefit Neiman's private equity owners, Ares Management and Canada Pension Plan Investment Board.
Lynn says the lawsuit has "repeatedly disseminated false statements" accusing Neiman's of being in default under its debt documents over the last several months.
Neiman Marcus is claiming defamation and business disparagement against Marble Ridge, arguing the hedge fund's "false and defamatory words" have damaged Neiman's reputation and caused "recent credit rating downgrades."