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http://www.finalternatives.com/node/7435
It isn’t exactly the great train robbery, but a Long Island hedge fund manager—and apparent railroad enthusiast—says a
model builder ripped him off to the tune of $2 million.
Renaissance Technologies’ Robert Mercer has sued RailDreams Custom Model Railroad Design, which he says overcharged him by $2 million. On Monday, Mercer filed notice that he would seek summary judgment against the company and its president, Richard Taylor, as they have failed to answer the suit.
Mercer says he should have been charged $708,669 for the model, which RailDreams’ Taylor told the New York Daily News was about the size of half a basketball court, and depicts a specific location in New York. The lavish model was installed in Mercer’s Mount Sinai, N.Y., mansion, according to Taylor, in time for his daughter’s wedding.
The lawsuit accuses RailDreams and Taylor of “wrongfully and fraudulently” padding the bill, a charge the surprised Taylor, who says he thought the two sides were moving towards an out-of-court settlement, rejects. Taylor says the cost of the project ballooned as work progressed and Mercer imposed new specifications.
Not willing to leave it at that, Taylor offered a parting shot at a man who would pay hundreds of thousands of dollars for a toy.
“He is a hedge fund guy, part of the reason why the country is in the situation it’s in,” he told the Daily News.
It isn’t exactly the great train robbery, but a Long Island hedge fund manager—and apparent railroad enthusiast—says a
Renaissance Technologies’ Robert Mercer has sued RailDreams Custom Model Railroad Design, which he says overcharged him by $2 million. On Monday, Mercer filed notice that he would seek summary judgment against the company and its president, Richard Taylor, as they have failed to answer the suit.
Mercer says he should have been charged $708,669 for the model, which RailDreams’ Taylor told the New York Daily News was about the size of half a basketball court, and depicts a specific location in New York. The lavish model was installed in Mercer’s Mount Sinai, N.Y., mansion, according to Taylor, in time for his daughter’s wedding.
The lawsuit accuses RailDreams and Taylor of “wrongfully and fraudulently” padding the bill, a charge the surprised Taylor, who says he thought the two sides were moving towards an out-of-court settlement, rejects. Taylor says the cost of the project ballooned as work progressed and Mercer imposed new specifications.
Not willing to leave it at that, Taylor offered a parting shot at a man who would pay hundreds of thousands of dollars for a toy.
“He is a hedge fund guy, part of the reason why the country is in the situation it’s in,” he told the Daily News.