Hedge Funds

Wyly faces court battle with former partner


Texas billionaire Sam Wyly - the man who famously seeded Lee Ainslie at Maverick - has found himself embroiled in a court case with his business partners and co-chairman of Ranger, a relatively new multi-product hedge fund business. Russel Glass is suing Wyly and his investment firm in a Delaware court for allegedly violating a joint-venture agreement.

Glass, a longtime business associate of billionaire Carl Icahn, is seeking $200 million in damages in this suit, a sum roughly equal to assets under management at Ranger Partners.

Glass is also looking for the court to uphold the terms of the original