>Financing partner of New South Ocean Development Company 'winding down'

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>ONE of the financing partners of the New South Ocean Development Company, the troubled hedge fund Plainfield Asset Management, has announced it is winding down and returning money to its investors amid a wave of lawsuits, the New York Post reported yesterday.
Plainfield’s assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield’s investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter’s affiliates, RHS Holdings.

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