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Blackwells Capital goes after Tom Barrack

Tom Barrack, the C.E.O. of Colony Capital and the chairman of President Trump’s inaugural committee, is being pressed by an activist investor to resign, DealBook has exclusively learned.

The activist investor, Blackwells Capital, sent a letter to Colony saying:

• “With Mr. Barrack’s track record and personal issues, no reasonable, fiduciarily-aware public company Board of Directors would select Mr. Barrack as C.E.O. of Colony or any other public company today.”

• “Mr. Barrack is undoubtedly distracted by at least two Congressional investigations and at least one reported criminal investigation into his political and personal activities, including as Chairman of the Inaugural Committee for President Trump and as a man who sought a special role within the Trump administration.”

Blackwells claims that Mr. Barrack “destroyed more than $775 million in just nine months.” So the investment firm, which is run by Jason Aintabi, is seeking to oust him, replace two board members, and press Colony to sell assets and repurchase shares.