Marble Ridge Capital on Wednesday sent a letter to the board of the Neiman Marcus Group demanding that the luxury retailer drop its counterclaims against the investment firm no later than 3 p.m. Central Time on Friday.
Marble Ridge’s letter cites research from the Covenant Review that it contends supports claims about Neiman’s financial condition and raises questions about the transfer of luxury web site Mytheresa.com and other Neiman’s assets, and the retail company’s disclosures regarding such matters.
“The counterclaims filed by Neiman Marcus Group Inc. and related parties against Marble Ridge are meritless and retaliatory, solely meant to intimidate and silence both Marble Ridge and, we believe, other investors from raising legitimate concerns about the financial condition of Neiman Marcus and the actions of the board of directors and its conflicted counsel,” the letter states.
In response to the letter, Neiman’s stated Wednesday, “The company stands by its claims against Marble Ridge.”
In early December, Marble Ridge, a three-year-old firm that invests in distressed debt and one of Neiman’s creditors, filed a lawsuit against Neiman’s in the District Court of Dallas County, Tex., alleging “the fraudulent transfer of the MyTheresa assets to Ares Management and the Canada Pension Plan Investment Board for no