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Also contributing to the problems were market forces that drove down the value of NSB’s long positions and cash withdrawals from the two large accounts about which CLK expressed concern.The SEC did not allege any impropriety in King’s use of the CLK proprietary trading account, but only in the related disclosures and vetting process, nor did King’s use of the account have any impact on CLK’s capital.As a result, CLK put pressure on NSB’s customers to sell securities, beginning in January 2012 and terminated the Service Agreement on March 14.CLK also tried to find buyers of securities to be sold in forced liquidations from NSB customer accounts.A side pocket is a type of account utilized in hedge funds to differentiate illiquid assets from more liquid investments.Once an investment enters a side pocket account, only the current participants in the hedge fund are entitled to a share of it.Respondent’s Story CLK “fully understood that under NSB’s Strategy a substantial increase in the long market value of the stock positions in 2011 …required a in the strategy’s “coarse hedge,” i.e., additional short index options had to be written” (emphasis in the original), but Nicklin increased the hedge, ordinarily 20% of equity, to 43% of equity by February 2012, during a bull market, greatly increasing the margin debt.

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Its earlier margin calls were too small to impact prices and it went to great lengths to avoid negatively impacting prices when it closed out the positions, attempting to arrange a private sale of the long positions and, when it could not find another buyer, CLK’s current president, Candace Weir, bought them on her own account at a fair price and significant loss to herself.

Nicklin did not re-allege that claim in its Statement of Claim here, but CLK nevertheless took the opportunity to rebut it.

BA former star trader for Steve Cohen's SAC Capital has found less success with his post-SAC venture.

Future investors will not receive a share of the proceeds if the asset's returns become realized.

Overall, side pocket accounts have a long history in the hedge fund industry.

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