That Time Buddy Fletcher Put Louisiana Pension Funds in the Movie Business

buddy fletcher That Time Buddy Fletcher Put Louisiana Pension Funds in the Movie BusinessYou may remember Alphonse “Buddy” Fletcher Jr. from the time he sued the Dakota’s co-op board after it prevented the litigious hedge fund manager from acquiring a fifth apartment in the iconic building; alternatively, you may know him from the time he sued then-employer Kidder Peabody for racial discrimination; or the time his wife Ellen Pao sued venture capital firm Kleiner Perkins for gender discrimination. Alternatively, you may know him from his pledge to donate $50 million to work that improves race relations, though that’s even further from the matter at hand.

More to the point, Mr. Fletcher is a) the brother of Academy Award-winning screenwriter Geoffrey S. Fletcher (Precious) and b) engaged in a legal dispute with Louisiana pension funds over the liquidation of certain Cayman Islands-based funds. The pension funds sued to recover assets, Mr. Fletcher filed Chapter 11 in New York to prevent Cayman liquidators from unwinding the funds, bringing us at last to this interesting tidbit uncovered today by The Wall Street Journal:

After winning the Oscar, Geoffrey S. Fletcher made his debut as a director. When he needed a place to base operations for his first project, a quirky film about two teenage female assassins, Alphonse Fletcher Jr. stepped up. During a 10-week shoot in 2010, the production staff worked out of the Fletcher firm’s Wall Street offices.

One of Fletcher’s hedge funds, which manages public pension-fund money, provided more direct financial backing. As of March, the fund indirectly held an investment of $7.7 million in the production company that shot the film, “Violet & Daisy,” court filings show. It hasn’t worked out, at least so far. The Fletcher investment in the production company showed a $3.7 million unrealized loss as of March, the documents show.

The pension funds didn’t get back to The Journal, but a consultant who advised the funds on their investments told the paper that the Mr. Fletcher’s firm “never discussed investments in anything that wasn’t a publicly traded company.”

No news, for now, on the pension funds efforts to recover their assets through the courts, or for that matter, the box office: A film poster on Violet & Daisy’s IMDB page—”two teenage assassins accept what they think will be a quick-and-easy job, until an unexpected target throws them off their plan”—promises a fall 2012 release, but according to The Journal, no date for theatrical or DVD release has been announced.

violet and daisy That Time Buddy Fletcher Put Louisiana Pension Funds in the Movie Business