Moore Manager Jumps Ship!

Greg Coffey

If it wasn't enough that Louis Bacon, head of Moore Capital Investments, has to swallow a big pill and dish out $2 billion to investors who trusted his purse this year, he is now losing one of the most critical components in the company.

Greg Coffey spent decades in the hedge fund business, but after four years helping to build Bacon's empire, he found the demands of his job at Moore overwhelming.  The 41 year-old Australian financier oversaw several portfolios from Moore's London office.  He told reporters that he could no longer dedicate himself to the global markets the way he had in the past.

This added another snowball to the avalanche happening within the Moore Capital Investments structure.  When Bacon announced the $2 billion payback to investors due to poor performance, eyes peeled open at the gaping hole in hedge fund which once withheld a solid image.

But the image started breaking down long before then.  No one could forget when newspaper headlines all over the world blasted the embarrassing revelation that Moore Capital was one of several companies caught up in a multi-billion dollar international hedge fund scam.

Louis Bacon

The gaping holes only deepened when Bacon announced after the payback, that he would be downsizing.  He got rid of more than a dozen faithful employees who had served the company for years.  Despite that dedication, they felt a slap in the face when the boss hired his older brother, Zack Bacon III, to do the dirty work.  Zack was responsible for breaking the bad news to employees who didn't have the opportunity to ask any questions to the boss they were supposed to have some kind of relationship with.

But this is the cold, callous nature of Bacon, which has been documented by many reporters, including one who sat down for what was supposed to be a brilliant and positive expose for Bacon in Forbes magazine.

With Coffey now jumping ship despite being one of the most well-known and efficient hedge fund managers, critics are wondering if such a move signals a lack of confidence in the Bacon empire.  Indeed, if Coffey is willing to make such a drastic decision just to detach himself from Moore Capital, it may be a signal, like the thunder before torrential rains, that more gaps may be opening to reveal the truth about what is really going on in Bacon's strange world.

No Win in Court for Bacon

Despite all the trouble Louis Bacon and his Point House Corporation tried to make in getting Supreme Court Justice Stephen Issacs to hold Peter Nygard in contempt of court for not removing the only sign that is left to direct visitors to Nygard Cay.

The "to Nygard Cay" sign became necessary, according to Nygard's attorney Keod Smith, because Bacon had his workers build an easement on a common access road shared between the two neighbors.  

Bacon is the owner of Point House Corporation, which is the applicant in the contempt matter that stems from a legal battle between the two involving a property right of way.

However, Justice Stephen Isaacs yesterday gave no indication as to when he would give a ruling on the matter when he heard submissions from Nygard’s lawyer Koed Smith, and Point House Corporation’s lawyer Robert Adams.

Point House Corporation (PHC) seeks to have Nygard committed to Her Majesty’s Prison for alleged contempt of court. They claimed that Nygard ignored the terms of an order given him by the court at a hearing on June 13, 2012.

LOUIS BACON ‘WILL NOT GET A PENNY’ FROM PETER NYGARD

Nygard’s asks Court of Appeal to overturn Contempt Issue as he fights back against Bacon’s activities at Lyford Cay

By E. Williams

(Monday October 22^nd Nassau, Bahamas) Attorneys for Peter Nygard, the international jet setting fashion czar are going to the Bahamas Court of Appeal to squash a decision by Supreme Court Justice Stephen Isaacs for holding Nygard to be in contempt of court for allegedly breaching an undertaking which Nygard’s lawyers say was never given in the lower court.  

The matter revolves around Nygard’s relentless and dogged pursuit for justice against controversial Hedge Fund manipulator, Louis Bacon, over an Easement or right of way which runs through Bacon’s property and provides deeded access to Nygard’s estate. 

Supreme Court Justice Stephen Isaacs said that he found Mr. Nygard had breached an undertaking to “preserve the status quo” or not to deal with hindrances on the disputed Easement or right of way that Mr. Bacon is alleged to have caused as their civil matter heads into trial.

Attorney Brian Moree QC of the firm McKinney Bancroft & Hughes filed the Appeal on behalf of Nygard on Thursday October 18^th 2012 after procuring a stay of the Order of Justice Isaacs by which Nygard is to pay a $50,000 fine as well as refund Bacon the costs for restoring a number of controversial infrastructure put along the Easement by Bacon, including spy cameras, speed bumps, verges and signage ; that Bacon had placed along the Easement . Bacon is expected to be represented by the law firm of Graham Thompson & Co, which is headed by Attorney Sean McWeeney QC. 

Mr. Smith asserted in the matter before the Lower Court that the so called undertaking that Bacon’s lawyers were relying on to ground their contempt complaint, had never been given.  Further, he also argued that as what Bacon was relying on was ambiguous at best, Bacon’s case for a finding of contempt should fail seeing that fundamentally, the terms of the alleged undertaking could not be proved at the required standard of beyond reasonable doubt. 

 Mr. Moree will argue before the Appeal Court that Justice Issacs erred in dismissing these arguments, and with other points of law, seek to have the contempt finding against Nygard set aside on the following grounds:-

 “1. That the learned Judge erred in law and in fact in holding that there was an enforceable and clear undertaking given on behalf of the Plaintiff at the hearing on the 13^th June, 2012 "...to preserve the status quo…" pending the hearing of the extant interlocutory applications. The learned Judge ought to have found that on the admissible evidence before the Court there were no statements made by Counsel (Keod Smith) for the Plaintiff at the hearing of the 13^th June, 2012 which could properly be construed as constituting a "firm conviction" that an undertaking was being given "...to preserve the status quo…"  as alleged by Counsel for  the First Defendant and that when considering all the admissible evidence in context the statements relied on as constituting the alleged undertaking were in fact ambiguous and imprecise and incapable of giving rise to a binding obligation. 

2. Alternatively, in so far as a binding undertaking was given by Counsel for the Plaintiff at the hearing of the 13^th June, 2012, its terms and scope were restricted to the issue of the signage and did not include the acts complained of in paragraphs (2), (3), (4) and (5) of the Notice of Motion filed on the August, 2012 on behalf of the First Defendant. Accordingly, the learned Judge erred in finding the Plaintiff guilty of contempt by carrying out such acts as alleged by the First Defendant. 

3. In finding the Plaintiff guilty of contempt the learned Judge was required to hold that the precise terms of the undertaking had been proved by the First Defendant beyond a reasonable doubt. Such a holding by the learned Judge, albeit by implication and not expressed, was wholly inconsistent with the admissible evidence before the court and the exchanges between Counsel and the learned Judge. The learned Judge should have found that:

(i) it was unclear as to whether an undertaking was given at all, as opposed to merely being discussed, and 

(ii) if given, the precise scope and terms of the undertaking lacked the clarity and certainty to be an enforceable undertaking. 

4. The learned Judge erred in drawing the inference from the email of the 13^th June, 2012 and the letter of the 10^th July, 2012 that the Plaintiff "...was made aware of the terms of the undertaking given to the court on his behalf to maintain and preserve the status quo until 4 September, 2012."  In fact, the email and letter do not in any way address the issue of whether the Plaintiff’s Counsel told the Plaintiff of the terms and scope of the alleged undertaking which the First Defendant claims was given to the Court. 

5. The learned Judge erred in finding that the Plaintiff had notice of the terms of the undertaking (including its terms and scope) purportedly given by his Counsel. That finding is against the weight of the admissible evidence which establishes that the discussion of the undertaking and the court order during the hearing on the 13^th June, 2012 resulted in a lack of clarity and certainty surrounding the undertaking. 

6. In considering whether or not it was clear beyond a reasonable doubt that the Plaintiff had breached an enforceable undertaking given on his behalf, the learned Judge erred in failing to apply and/or follow the following established general principles: 

(i) there must be clarity and certainty in relation to what was required by an undertaking; 

(ii) where there is a bona fide dispute as to whether an undertaking has been given, the fact that neither the existence nor the terms of the undertaking has been recorded in writing militates against an undertaking having been given; 

(iii) where the terms of an undertaking could equally well be interpreted as having a narrow scope or a wide scope, it is the narrower scope which must prevail; 

(iv) where two interpretations of an undertaking are equally convincing, the less stringent one should prevail; and 

(v) where an undertaking can fairly have more than one meaning, it should be accorded the meaning which is less onerous.

7. The learned Judge erred in law in considering and relying in part on the Transcript of the hearing on the  13^th June, 2012 when determining whether an undertaking was given and if so, the terms and scope of the undertaking in that the Transcript: 

(i) had not been authenticated as required by section 77(8) of the Supreme Court Act, 1996; 

(ii) was a "ROUGH" copy in draft; 

(iii) had not been properly adduced into evidence through an Affidavit which had been duly served on the Plaintiff prior to the hearing on the 17^th September, 2012 in accordance with the requirements of Order 52 rule 3(3) of the Rules of the Supreme Court of the Commonwealth of the Bahamas. 

8. The learned Judge erred in law in failing to apply and/or follow the established general principles set out below when considering the Transcript and specifically when considering the extract from the Transcript set out in paragraph 10 of the Decision: 

(i) all relevant passages must be read together and in their overall context; 

(ii) the court should not carry out a "detailed semantic analysis" of the words revealed by the transcript; and 

(iii) if there is real doubt as to the meaning or effect of what was said, it should be resolved in favour of the person who would be bound.” 

The court action emanates from a civil action in the Supreme Court bought by Mr. Nygard against Mr. Bacon for what Mr. Nygard says is Mr. Bacon’s interference with Mr. Nygard’s access to his property at Nygard Cay along a deeded easement over Bacon’s $30 Million Point House estate as well as a public road reservation not belonging to Bacon but which he has been clandestinely attempting to commandeer since 2005.  Mr. Nygard has reportedly owned Nygard Cay more than 20 years before Mr. Bacon purchased Point House and properties to the east of it. 

Prior to Justice Isaacs being moved on the contempt issue, he had given directions on both sides being readied for trial on this action which is scheduled for February 2013. 

Mr. Nygard is reportedly also pursuing criminal prosecution against Mr. Bacon and several other persons for certain actions which Mr. Nygard claims is a part of a conspiracy by Bacon and these other persons to extort his property from him and drive him out of The Bahamas by interfering with his sole land access roadway to his Nygard Cay as well as to tarnish his name and company’s brand name by perpetrating untruths about him. 

Zack Bacon May Be No Better Than Louis Bacon

Louis Bacon took a bold step that bewildered and shocked many in the world of finance when he announced two months ago that he would be returning $2 billion to investors.  Moore Capital Investments didn't perform so well this year, and the major investment return was coupled with the "big cut" in the investment firm.  More than a dozen faithful employees were let go from louis Bacon's firm.

Zack Hampton Bacon III, Louis' older brother, was brought in to inform the fanciers that they would no longer be operating with the company they had been working for for years.  Maybe these ones had not been able to fit in to the mold that Bacon was looking for, because other former Moore workers went on to establish their own hedge funds, heavily supported by Bacon's financial backing.

But in stark contrast, these dozen or so employees were let go without Bacon even facing them to explain why the harsh and dramatic decision was made.   Zack Bacon did the sacking, and he was touted as the "clean up man" who would fix the problems and the image of Moore Capital in a desperate attempt to save its popular name.

Diandra is Zack Bacon's baby mama and Michael Douglas' ex-wife

But the elder brother may be no better than Louis, who last year had to deal with his company being listed as one of the subjects of an international multi-billion dollar hedge fund scam.  Zack was set to marry Diandra Douglas, the recent ex-wife of Hollywood actor Michael Douglas.  They have surrogate twin sons together, and Diandra finds herself once again annulling a once-committed relationship.

A Harper's Bazaar detailed report of her whirlwind lifestyle pointed out a crucial link that blows the whistle on what the Bacon's are really cooking for breakfast.  "Her former business manager Kenneth Starr pled guilty to fraud, she was exposed to Bernie Madoff's Ponzi scheme through her investments in feeder fund Fairfield Greenwich Group, and the sale of her estate in the tony Santa Barbara enclave of Montecito fell through. (While it's on the market again for $29 million, Diandra is leasing it for events: Hilary Duff and Mike Comrie were the first to use it, for their August wedding," says Harper's Bazaar.

She was exposed in a Ponzi scheme??  Was she possibly fronting for her babies' daddy whose hands have probably long been involved in his brother's hedge fund business.  If it's all in the family, there may be a whole lot more about this family's business practices around the world that should be investigated, including Bacon's Bahamas investments.  

Nygard Faces Hefty Fine

In the ongoing battle between two mega rich neighbors in the illustrious Lyford Cay community in the Bahamas, it seems money and coercion won this time.

Peter Nygard

Louis Bacon and Peter Nygard can't seem to get along and have been engaged in a long court battle concerning the piece of land between  them - the land which they should share and utilize as a common access route to their properties.

Nygard owns the world-reknown  Nygard Cay, the home of what was an architectural masterpiece - a Mayan-themed home filled with surprises, which gained it popularity on the Oprah show and Lifestyles of the Rich and Famous.   The home suffered a devastating fire back in 2011, when the two neighbors were deeply locked in the land war.  Media reports told of a barge being seen drifting in shallow waters off the coast of Nygard Cay just before the fire, but to date, the investigation remains inconclusive.  The Free National Movement Government did not grant Nygard a license to rebuild his home, despite his proposal to hire 300 Bahamians over 3 years and inject $20 million into the project.

Louis Bacon

It was suspected that Bacon's close relationship with the then Environment Minister Earl Deveaux may have had something to do with the cold shoulder to the project's application.  Media reports also exhibited concern for the blind eye that authorities seemed to pay to a myriad of suspicious events at Bacon's Point house home, which is now up for sale to the tune of $35 million.  Strange events at Point House include the discovery of two dead bodies, both found floating in water; the seizure of a pair of high grade military speaker weapons which Bacon's attorney admitted was used to harm Nygard; and the shocking police discovery of at least ten guns left in open view and access throughout Point House.


It has long been suspected that the long dollars that Bacon seems to use to influence decisions in his favor have gotten him out of many a scathing incident.  In the latest turn of events, Supreme Court Justice Stephen Isaacs has ruled against Nygard, finding him guilty of contempt of court on Monday.

He has to pay a $50,000 fine within the next 14 days or he will have to spend 14 days in jail.  Point House Corporation sought to have Nygard committed to prison for failing to remove the words "To Nygard Cay" from the roadway.

It seems like a petty proposition, and two neighbors should be able to agree on signage that assists their visitors.   But in this case, the Lyford Cay Property Owners Association didn't get involved, and now the courts have top deal with the matter.  it is known that prior to Bacon purchasing Point House, the access way to Nygard Cay was easily apparent to any visitor.  Press members themselves have visited Nygard Cay for the many press conferences that were hosted there over the years, as Nygard supports several worthy national sporting organizations and causes.  Today, if one visits the area, Nygard's complaint is apparent.  The roadway has been changed, which leads to confusion for the visitor.  The sign seems absolutely necessary for finding the now small entry route to Nygard Cay.   Nygard had complained about his new neighbor's construction process, which results in a pool of water settling at his entrance during the rainy season.

These facts have led many to question if indeed the decision was fair, but it seems paying the fine would be cheaper than to drop the rest of the cases because the apparent bully has won this time.

LOUIS BACON OLDER BROTHER ZACK TO MAKE CHANGES ALSO IN THE BAHAMAS?

Moore Capital hedge fund made a dismal performance this year, so much so that it's President, Louis Bacon, is returning $2 billion to his investors.  The September 13 report by Bloomberg on Moore Capital Management LLC, highlighted that, and documented how the $15 billion hedge fund firm cut more than a dozen investment jobs as it restructures one of its equity teams.   This, according to three people with knowledge of the matter who believe that the changes were made due to the companys bad performance.

 

Zack Bacon III

The Hedge Fund manager, having much concern as a result of the large reduction in headcounts and the possible damage it could bring to his business, hired his older brother, Zack Hampton Bacon III, in February to oversee strategic planning.  

The older Bacon was also responsible for making the cuts to staff, despite the fact that many of them had been working for his younger brother, 56, for years.  A close source revealed this just after Bacon made the announcement, telling his clients the same month that he would be returning $2 billion, or about 24 percent of his main fund to investors.  Bacon claimed it may be too big for him to generate returns in line with historic profits as "liquidity and opportunities have become constrained".

 

The Moore firm Bacon founded in 1989 with some 208 employees invloved in investment-advisory roles, including research, calls for his brother Zack to deal with the resturcturing cutting down a 426 staff that include clerical workers.

 

What also appears to be a more critical matter for Bacon are his reported legal matters in the Bahamas with land disputes.  There are also pressing concerns from the Bahamian police about the number of dead bodies found at and near Bacons Point House home in Lyford Cay. 

Louis Bacon

Members of the Bahamian media are still seeking answers from the police commissioner on the death of Dan Tuckfield - Bacons former property manager - who was found dead a few years ago in a jacuzzi.  There were said to be at least ten unguarded hunting guns that also had caused for the police commissioner to seek the amend the laws on how many guns foreign residents could have. Concerns also arose from a recent dead body found again in May of this year, believed to be a caucasian found on Bacons Point House beach.

It has also been reported that the Hedge Fund giant is very nervous because the Bahamian media have been seeking to press members of Bacon's staff on the series of events taking place at his home in Lyford Cay.

 

As a result, is is being rumoured that Louis Bacon will also have his older brother Zack spend some time in the Bahamas to straighten out these plaguing matters with Bacon's staff of about 10 to 20.  The majority of Bacon's Bahamian staff is said to be of Haitian descent - another matter that seems to raise a serious concern for the Bahamian Immigration Department knowing that the country is seriously challenged with the huge number of foreign nationals in such a small nation of about 350,000 faced with a big unemployment problem.  

 

With Bacon beng faced with his problems, which seem to be mushrooming in the financial market as well as in social and legal matters in the Bahamas, it seems obvious why he is now calling on the bigger and supposedly wiser brother Zack to try and rescue and possibly redeem Bacon from his unsavory business transactions and unkind behaviour.     

Daring Lyford Cay land snatching, tales of back room lawyer deals, kidnapping a Public Road and Easement

By E. Williams

How does someone steal a public road, overtly alter the existing right of way or easement over it that belongs to others, then swear in Court documents that they own that roadway? Then they erect hindrances to curb the enjoyment of its use to others entitled to pass over it, install spy cameras along its route, and, boldly put up signs warning others not to trespass over it.

Ask Louis Bacon, the elusive Hedge Fund manager, who has gotten more emboldened in his Lyford Cay duel with Peter Nygard, the Canadian Fashion Mogul.

“No question about it. Mr. Bacon has new condescending airs about himself and new razor porcupine spines. His lawyers at Graham Thompson & Company seem to get any appointment they want from this new PLP administration and they have the ear of powerful and influential forces.  So if you are Mr. Bacon why not apply the screws a little tighter,” says a credible source who works in the legal and real estate field.  “Mr. Bacon played the role of the good neighbor”, when he first came to The Point House, a part of his $30 million estate next to Mr. Nygard’s $100 million Mayan themed homestead on the southwestern point of Lyford Cay, this reporter was told.

 During the FNM Government’s last term in office, Mr. Nygard found himself in the middle of a sortie of surprise attacks from  his “good neighbor”, Mr. Bacon.

Another reliable source close to the Nygard camp reveals that “Mr. Nygard thought that he and Bacon had a great relationship – cool, friendly, cordial is how we would describe Mr. Bacon’s conduct in the many meetings he had with Mr. Nygard.  Looking back, I can see why Peter would genuinely think Bacon was a good neighbor.  But all along, Mr. Bacon and his lawyers at Graham Thompson were preparing and plotting a fatal strike to take Nygard Cay and chase Peter out of town in ignominy and disgrace.”

“The plot was disguised in many shapes and forms. From any assessment of how it was hatched, exported and enacted, one would have no doubt that there were clever legal minds behind it every step of the way. It is now no secret that many Bahamian professionals stepped over the line and got involved in the larceny of their big spending foreign client. Mr. Bacon could not have affected this now exposed strategy to manipulate government agencies so as to forcibly take Nygard Cay from Peter, if he did not have the full concurrence of others,” this source says.

“And then to add insult to injury or to throw pepper in the fire, Mr. Bacon became an ally of the then ruling Free National Movement governing party (May 2nd 2007-May 7th 2012) which turned out to be new part of the strategy to weaken Peter and bring him to his knees.  This manifestation of this was powerful FNM Officials publically berating Peter and covering up for Mr. Bacon as his master strategy to own Nygard Cay was being implemented,” the source continues.

“I am talking about the horrific character assassination on Mr. Nygard. They were actually paying persons to make false claims and allegations to cause Peter to suffer in his business and personal life. The physical damage done to Nygard Cay by a fire in 2009, could not be repaired as licenses to rebuild were denied without reason. Who cannot appreciate the psychological trauma they put Peter through when they changed the lawful Easement which gives access to Peter’s property and began suggesting that his attempts to correct the situation was unacceptable behavior for an expatriate resident. Clever lawyers had to be in on this. They wanted to land lock Peter and force him to sell to Bacon,” the source said.

“Peter’s lawyer, Keod Smith, discovered the Easement plot and now has also discovered that adjoining the roadway of the Easement is actually another roadway which Mr. Bacon had sworn in Court documents was his property although, in fact, it does not belong to him, and never did. Yet Bacon used this public roadway to inflict even more damage on Peter,” the source said.

“We are concerned as to why a senior barrister such as The Honourable Sean McWeeney in the Chambers of Graham Thompson & Co, a former Attorney General, would not have intervened and stopped this sinister plan of Mr. Bacon. We are more concerned because after the FNM’s lost of the May 2012 general elections, the Bacon side seemed to have abandoned their plot and offered to settle the matter by returning Mr. Nygard’s property rights to him,” a source close to Nygard said.

The source went on to say that “Peter co-operated. In the interest of the good image of The Bahamas, he wanted this dispute that was being publicized internationally to go away.  With this in mind and in the spirit of the settlement negotiations, Peter withdrew and discontinued a filed criminal prosecution in the Magistrate’s Court against Bacon and nine other high profile persons for CRIMINAL CONSPIRACY who were involved in the plot to chase him off Nygard Cay.  In exchange, Mr. McWeeney, through his partner, Mr. Robert Adams, undertook not to file any lawsuits against Mr. Nygard or any of his Bahamian supporters who took it upon themselves to expose the ongoing plot to destroy Peter and get him kicked out of The Bahamas.  But Bacon and his lawyers reneged and filed two law suits against Mr. Nygard as well as suits against six of those persons supporting Mr. Nygard.  It is telling that while some of those Bahamians being sued by Bacon were actively and openly involved in getting the PLP reelected in the May 2012 general elections, Mr. Bacon’s money was employed to keep the FNM in office to wield the very same power which, through the PLP, Graham Thompson & Co has now been handsomely benefited by getting key roles on key government boards and commissions,” the source said.

“This is even a greater and more deliberate harassment on Peter since Mr. Bacon fully understands that the effects of such frivolous law suits, is that it will cost Nygard millions more to defend his reputation; money that can be directly injected into our economy to rebuild Nygard Cay.  And then the Bacon camp returned with a double whammy on Mr. Nygard, accusing him in the Supreme Court of being in contempt of court action for attempting to right the very wrongs perpetrated on him by Bacon in the first place,” the source said.

“Based on what Attorney Smith had discovered about Bacon’s attempt to commandeer the public roadway which was set out in affidavit evidence in the Supreme Court, Bacon’s lawyers at Graham Thompson & Co were forced to drop a criminal case against Mr. Nygard accusing him of removing gates used to block the entrance roadway to Nygard Cay and had been installed on wall pillars that were built by Bacon on the public roadway he had claimed was his.  The clear reason for withdrawing was that it could be definitively proven that the gates were wrongly built on land that never belonged to Bacon.  You can’t claim that a crime was done to you when the thing that you are complaining about is or may be, in and of itself, subject of criminal activity. Bacon would have had to rely on the untrue evidence he had others swear on his behalf in the court that he, in fact, owned the land.  Meanwhile Nygard finds himself trapped in a legal catch 22 – if he didn’t defend his rights to the roadway he would lose his rights – but in trying to defend those rights, he was open to being sued by Bacon who, under the FNM Government, Bacon had what appears to be carte blance to do as he wished.  Over a year ago, two of Nygard’s staff were arrested, charged and arraigned before the Courts for putting up signs on the very wall-pillars that have now been shown as not belonging to Bacon in the first place and known by him when he pressed charges,” the source said.

It has been reported that in the Nygard Camp, they are now bracing for an all-out legal battle to have the Court declare once and for all that this public roadway, which is a part of the major bone of the property dispute, does not and never did belong to Mr. Bacon.

The roadway in question forms part of a series of conveyances dating back to 1938 where Sir Harold Christie, the developer of Lyford Cay, termed it as a road reservation and granted rights of way in the traditional common law phraseology to all future title holders to the surrounding benefiting plots of land.

According to affidavit evidence before the Court, Mr. Bacon had reportedly erected gate pillars and a gate on this road that does not belong to him. Mr. Bacon also locked the gate and put up signs which read:-  “Private Property ” and “ DO NOT TRESPASS ”; signs as well as erecting various obstacles on the road such as eight “nasty speed pumps and huge boulders . Bacon also arranged to have the elevation of the roadway to be changed, creating a permanent deep mud-lake in front of the ornate gilded uniquely designed entrance gate to Nygard Cay.   This makes in virtually impossible to enter after small squalls of rain because the water pools.

Mr. Nygard, who lives at the most western end of this roadway, is claiming that Mr. Bacon’s improper and illegal trespass on the road reservation should be halted by the Courts.

A review of the compendium of conveyances dating back from 1938 to the present show that this road reservation remains in the ownership and possession of one of the several companies Sir Harold used to engage his property holdings in the Lyford Cay subdivision in Lot numbers one (1) and two (2) in Block number one (1).

Mr. Nygard is also challenging Mr. Bacon’s disturbance of a deeded Easement or right of way that goes over Mr. Bacon’s property, but once again Sir Harold as predecessor in title and subdivision developer had deeded a right of way to future owners of the adjacent property which became Nygard Cay.

Mr. Eric Gibson, Property Manager for Mr. Nygard, makes these assertions in an Affidavit filed in the continuing Supreme Court action to show Mr. Bacon’s claim to ownership of the road reservation is deceitful and false.

Mr. Gibson explores the root of title to Mr. Bacon’s Point House property and concludes that not only does Mr. Bacon not own the road reservation, but Mr. Bacon’s predecessors in title did not themselves own this road reservation.  When the company owned by Mr. Bacon purchased the Point House, the acquisition did not include that road reservation because the previous owners did not own it, never suggested that they did or try to convey it to Bacon.

The following are excerpts lifted from Mr. Gibson’s Affidavit:-

“CONCLUSION

22. From the most recent survey plan completed by Donald Thompson, (see Exhibit “E.G.7” above). I verily believe it to be clear that Bacon has not only wrongly altered the easement over his property without the approval of Mr. Nygard and in ways that amount to an interference of his use, but has unlawfully possessed significant portions of roadway (original right angled roadway and 300ft stretch of road reservation) the title of which was NOT his or that of his company.
23. In light of the foregoing, Attorney {Keod} Smith concluded and I verily believe that the gate erected by Mr. Bacon is completely wrongly placed.  I believe that Mr. Bacon knowingly erected it on property that was not his in an attempt to clandestinely cordon-off a road reservation which was preserved for, inter alia, Peter Nygard as the owner of Nygard Cay, the most southwestern tip of the 11.8 acres of land being Lot 1 Block 1 of Lyford Cay Estates according to the site Plan in the Deed of Conveyance dated 12th December, 1938 by which the said 11.8 acres was sold to Harold G. Christie by Lyford Cay Co. Ltd.  While the northern placed pillar of the gate appears to be on Mr. Bacon’s premises of The Rocks, the southern placed one is clearly built in the middle of what was designed to be the road reservation, the land of which has never been conveyed to Mr. Bacon or any of his companies.  In any event, the space between the pillars is only 18.5 feet when it was reserved as being 25 feet.”  

“Mr. Nygard is now waiting for a verdict on a contempt charge taken by Bacon – a charge that he knew nothing about – but a charge that was deviously laid by Bacon and his legal tem to bring Peter to his knees to force him to forgive all future claims that will run into tens of millions in damages that would be awarded to Mr. Nygard against Bacon. All because the so called good neighbor, Louis Bacon, was a wolf in sheep’s clothing, out to devour Nygard Cay. Bacon just wanted to get his paws on Peter’s property,” the source maintained.