Colony Capital LLC, whose chairman and founder, 63-year-old billionaire,Thomas J. Barrack, Jr., began Colony Investors VIII, LP, in 2007, a $4 billion fund which lost over 60% in the first quarter. Barrack and other private-equity managers, spent over $1.6 trillion in buyouts between 2005 to 2007. Many believe this led to the worst financial crisis in over 70 years.
Colony Investments VIII, LP, manages billions of dollars in several funds. The majority of the losses were due to failed real estate developments. One of the biggest failures was the $8.5 billion buyout in 2007 of Station Casinos Inc. Station was the largest U.S. gaming company to go bankrupt. In 2006, Colony acquired the $2 billion Meadowlands Xanadu, a retail and entertainment complex in New Jersey. Xanadu now sits empty and unfinished after one of its lenders, Lehman Brothers Holdings Inc., went bankrupt during construction.
If your broker/financial advisor recommended these highly speculative and risky investments that may have not been suitable for your portfolio, you may have a claim for damages. Please contact our securities attorneys to discuss your rights at: (888) 760-6552.
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