Hmong charter lawsuit v. hedge fund: $400,000 in settlement still unpaid

The payment of settlement funds agreed in November between Hmong College Prep Academy and the New Jersey hedge fund that lost more than million of the school s money continues to be delayed Last year a settlement in the matter was reached between Clark Reiner the hedge fund Woodstock Capital Partners and the school Hmong College Prep Academy Under that agreement Reiner and Woodstock are to pay Hmong College Prep Academy While they were obligated to pay the sum by December the funds were still not available as of Wednesday according to a status conference held by Judge Douglas L Micko in U S District Court My clients have provided the following information for this update We continue to have difficulty and delay on this transaction clearing and available to be used for settlement purposes mentioned attorney Mathew Meyer who represents Reiner and Woodstock in a May letter to Micko Hmong College Prep Academy sued Woodstock in federal court in after the school s founder and former superintendent Christianna M Hang s stake of million lost million Agents with Hmong College Prep Academy mentioned at the time that Reiner and Woodstock Capital contacted the school multiple times in as it explored stake opportunities to help pay for a school construction project According to the school s year-end audit the value of the outlay had fallen from million to without school bureaucrats knowing what had happened to the rest of the money Minnesota law prohibits schools from investing in hedge funds which often use risky capital strategies Hmong College Prep Academy did not provide comment on the settlement agreement as of deadline Wednesday Attorney General Keith Ellison in December sued Hang alleging she invested the million without the approval of the school s board of directors in violation of state law and against the advice of the school s lawyer and accountant Hang chose Woodstock on the advice of Kay Yang an unregistered investor from Wisconsin according to Ellison s complaint A federal court in Wisconsin later ordered Yang to pay millions in restitution and penalties related to her unregistered outlay activity Hang and her husband lost of their own money investing with Yang Ellison noted The FBI searched Yang s suburban-Milwaukee home in as part of a money laundering and wire fraud study Yang hasn t been charged in connection with that inspection but she was convicted at trial last month on charges of felony criminal slander of title prosecutors alleged she tried to cloud the title of her former home which went through foreclosure after the FBI raid Josh Verges contributed to this statement Related Articles Snelling Ave and St Clair Ave intersection closing intermittently Group calls for Target to apologize St Paul PD to look at false reporting after men accused of being armed Ex-volunteer with Ramsey County Sheriff s Office youth project gets probation for sexually abusing girl West Seventh Pharmacy to close after years Twins ready for three-city Minor League Road Trip