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Wilbur Ross’s former exec says investor owes him over $800K

By
Josh Kosman
Published May 23, 2016, 10:35 p.m. ET

A former longtime executive at Wilbur Ross’s firm claims the distressed investor owes him more than $800,000.

The money is from this month’s liquidation of a successful fund — and Ross is moving to seize the $818,750 for himself, David Storper claims in a suit filed in Manhattan state court.

The cash is the carried interest from a 2002 private equity fund, the suit claims.

“The sole explanation for that seizure was in response to allegations made by Mr. Storper about diversions of other money owed to him by another Ross-managed entity in a separate case pending before this court,” the suit alleges.

Storper, who left WL Ross & Co. in 2012, wants a judge to order Ross to put the cash in escrow while the legal battle is waged.

Storper sued Ross, the 78-year-old billionaire, last year over a similar situation related to a second fund.

Ross is famously a distressed investor, buying up companies that others have deemed worthless.

Ross did not return calls.