Kirk Wright and International Management Associates due in Federal Court 3-08-2006
Kirk Wright and his hedge fund firm, International Management Associates, have been sued in Georgia state court by some current and former professional football players in mid February 2006 when their money was not returned as requested. According to this Associated Press story, “listed as plaintiffs in the state lawsuit are Terrell Davis, Steve Atwater, Rod Smith, Ray Crockett, Blaine Bishop, Al Smith - all current or former Denver Broncos - and Clyde Simmons, a former longtime player for the Philadelphia Eagles. Their attorney, Mark Trigg, has not returned messages left at his Atlanta office.”
The U.S. Securities and Exchange Commission then filed a lawsuit February 27th against Wright and his firm, alleging five counts of fraud. The first hearing on the federal case is set for Wednesday, March 3rd. However, before answers can be found about what happened to hundreds of millions of dollars poured into the Atlanta hedge fund group, Kirk Wright must be located first. Based on the large number of first-time visitors to the Toomre Capital Markets site looking for information on Kirk Wright or IMA, there is strong interest in locating this fugitive. However, not even Wright’s attorney, Jacob Frenkel, would say whether his client will make an appearance. Mr. Frenkel also would not comment on how recently he had spoken with his client, who is now considered a fugitive. However, he did say, "Various counsel have communicated with the government on his behalf since the allegations arose.” The article continues with:
"Mr. Wright has conveyed previously to the government his intent to be responsive to the government's investigation," Frenkel said. "He has not indicated to the government either personally or through counsel any change in those plans." He added that Wright "has made known his objective of finding a resolution that is acceptable to all interested parties. Sometimes doing that takes a little bit longer than many would like or expect."
Frenkel, a former SEC attorney and federal prosecutor, said the government was in a position of having to make allegations quickly based on the best information available. "As part of any process of seeking a resoltuion, it stands to reason that a person who cooperates will bring information to the table to correct any allegations that may be incomplete or incorrect," he said.