Dec 20, 2007 12:50 pm US/Central
Court Order: Fmr. Vikings Co-Owner Out Of Business
MINNEAPOLIS (AP) ―
-
-
James Jundt of Wayzata, along with his son, Marcus, failed to satisfy an August ruling by Hennepin County District Judge Gary Larson, who determined they owed $2.3 million in unpaid bonuses and interest to a former hedge fund manager, Paul Bottum.
AP
Note From The Associated Press,
dated Dec. 20: In a Dec. 15 story about a legal case involving money manager James Jundt, The Associated Press reported erroneously that Jundt and his son Marcus had failed to pay a $2.3 million judgment owed to a former hedge fund manager. The Hennepin County judgment was actually against the firm Jundt Associates Inc. The court ruled earlier that neither of the Jundts, who were officers in the company, was personally liable for the compensation.A former Minnesota Vikings co-owner faces legal troubles after failing to pay a $2.3 million judgment against him, and a court order has shuttered his business.
James Jundt of Wayzata, along with his son, Marcus, failed to satisfy an August ruling by Hennepin County District Judge Gary Larson, who determined they owed $2.3 million in unpaid bonuses and interest to a former hedge fund manager, Paul Bottum.
On Friday, Larson placed Jundt Associates Inc. into receivership, turning the company over to a neutral third party.
"I don't really have anything to say. Jundt Associates Inc. is out of business, so there's not much to say about that," said Bill Pentelovitch, who represents the Jundts.
In October, the Jundts filed a federal Securities and Exchange Commission report claiming to be managing nearly $120 million.
"What I think is, once this judgment was entered, they decided to take all the money and get out of town," said Bottum's lawyer, Andrew Parker.
The Jundt mansion on Lake Minnetonka, where President Bush appeared for a GOP fundraiser in 2006, is for sale for $53.5 million.
Reached on his cell phone Friday, Marcus Jundt declined to comment. A woman who answered the phone at the Jundt home said the couple are out of town. Jundt did not return a message seeking comment.
Parker moved on behalf of Bottum to place Jundt Associates into receivership after attempts to collect on the judgment failed. A Hennepin County sheriff's deputy went to Jundt Associates' Minnetonka offices Nov. 30 to attempt to collect the judgment but instead found two employees packing boxes. He was told that the place was closing.
When Larson ruled against the Jundts in August, he concluded that the Jundts had reneged on promises to pay Bottum bonuses related to the hedge fund's performance in 2000 and 2003.
Jundt Associates managed large corporate pension plans and other tax-exempt investments. In 1991, it created its first retail mutual fund, the Jundt Growth Fund. Jundt Associates also created American Eagle funds in 1999 and 2000. On Nov. 10, 2006, the board of directors of the Jundt Family of Funds voted to liquidate the Jundt Mutual Funds effective Nov. 30, 2006.
James Jundt once worked for Gene Sit, chief executive of Sit Investment Associates at IDS Financial Services in the 1970s.
"Jim, through the years, has been an outstanding member of the investment community and he and his wife have been generous benefactors of the arts and the University of St. Thomas law school," Sit said. "He's been a great success in the investment industry, and I think he may be consolidating his assets and preparing for the future."
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Click to enlarge
Stumble It!
