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Defunct Fund’s Manager Seized Its Cash, Private Equity Firm Says

Feb. 25, 2020, 9:30 PM

Kendall Associated Investments LLC sued Mallard Creek Realty Advisors LLC in Delaware, alleging “a bald effort” by the asset manager and its owner to keep millions they owe the private equity firm in connection with the winding-down of a real estate investment fund.

“The stated basis for the withholding is a fabrication and a sham,” the lawsuit says.

It also targets the fund, called Coventry Real Estate Investors LP, in which Kendall bought an 89% stake for $13 million. The suit doesn’t name Mallard president John W. Alexander as a defendant, but it accuses him of trying “to enrich himself...

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