For some, the behavior went too far. Dan Kamensky, the founder and manager of Marble Ridge Capital, had a reputation for the kind of aggressive dealing that makes careers in distressed investing. But when he ordered Jefferies Financial Group Inc. to “stand DOWN” from its plan to bid against Marble Ridge for shares of a Neiman Marcus Group Inc. unit in the retailer’s bankruptcy, Kamensky was accused of securities fraud and extortion, and Marble Ridge ended up shutting down.

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