The scion of a venerable New York family descended from 19th century railroad tycoon Cornelius Vanderbilt says he was bamboozled by a U.S. private equity firm secretly fronting for a cabal of wealthy Russian oligarchs with direct ties to Vladimir Putin.
,” founded Digital Telemedia Inc., a New York City internet service provider, in 1993. In 2001, Digital Telemedia shifted its focus to cloud-hosting services and rebranded as Logicworks. The company serviced clients in the financial and health-care sectors who entrusted it with “managing highly sensitive, proprietary, and confidential information,” according to Burden’s suit.
“At no time did either of any Pamplona entity disclose Pamplona’s true nature as the personal investment fund of the Russian oligarchs,” the lawsuit states.In the fall of 2018, Burden’s lawsuit says Pamplona executive Darren Battistoni approached him and his CEO about a co-investment opportunity in an IT management company. Pamplona’s $40 million bid had already been accepted, according to the lawsuit. However, the suit explains, the Pamplona exec told Burden that the U.S.
“JP Morgan, in turn, informed Mr. Burden that the bank had learned that three of the equity-holders in Deanwood TMT were Russian oligarchs Mikhail Fridman, German Khan, and Alexey Kuzmichev,” it states. “Mr. Burden was furious: he did not know who the three Russians were, how they were involved with Logicworks, or why their involvement should have any bearing on his company’s longstanding relationship with JP Morgan.
In February 2022, Pamplona put Logicworks up for sale. It chose Guggenheim Partners, the investment bank that had initially connected the two companies, to solicit bids, according to the lawsuit. Logicworks would be able to command a price between $400 million and $600 million, Burden claims he was told.
Last October, one of Logicworks’ banks said it would not renew its loans, at any interest rate, according to the suit. That same month, it says, Silicon Valley Bank,
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